The Internal Revenue Service reports that the mean federal income tax paid in the year 2010 was
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Question:
The Internal Revenue Service reports that the mean federal income tax paid in the year 2010 was
$8040. Assume that the standard deviation is $4500. The IRS plans to draw a sample of 1000
tax returns to study the effect of a new tax law.
- What is the probability that the sample mean tax is less than $8000? Round the answer to at least four decimal places.
- What is the probability that the sample mean tax is between $7400 and $8000? Round the answer to at least four decimal places.
- Find the 60th percentile of the sample mean. Round the answer to at least one decimal place.
- Would it be unusual if the sample mean were less than $7600? Round the answer to at least four decimal places.
- Do you think it would be unusual for an individual to pay a tax of less than $7600? Explain. Assume the population is approximately normal. Round the answer to at least four decimal places.
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