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You may need to use the appropriate appendix table or technology to answer this question. Accounting Today reports that the mean preparation fee for an itemized 1040 and state return in 2020 was $302. Use this price as the population mean and assume the population standard deviation of preparation fees is $100. (a) What is the probability that the mean price for a sample of 40 federal income tax returns is within $16 of the population mean? (Round your answer to four decimal places.) (b) What is the probability that the mean price for a sample of 70 federal income tax returns is within $16 of the population mean? (Round your answer to four decimal places.) (c) What is the probability that the mean price for a sample of 121 federal income tax returns is within $16 of the population mean? (Round your answer to four decimal places.) (d) Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend to ensure at least a 0.95 probability that the sample mean is within $16 of the population mean? (Select all that apply.) 40 customers 70 customers 121 customers. Onone of the above

You may need to use the appropriate appendix table or technology to answer this question. Accounting Today reports that the mean preparation fee for an itemized 1040 and state return in 2020 was $302. Use this price as the population mean and assume the population standard deviation of preparation fees is $100. (a) What is the probability that the mean price for a sample of 40 federal income tax returns is within $16 of the population mean? (Round your answer to four decimal places.) (b) What is the probability that the mean price for a sample of 70 federal income tax returns is within $16 of the population mean? (Round your answer to four decimal places.) (c) What is the probability that the mean price for a sample of 121 federal income tax returns is within $16 of the population mean? (Round your answer to four decimal places.) (d) Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend to ensure at least a 0.95 probability that the sample mean is within $16 of the population mean? (Select all that apply.) 40 customers 70 customers 121 customers. Onone of the above

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.3: Measures Of Spread
Problem 18HP
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You may need to use the appropriate appendix table or technology to answer this question. Accounting Today reports that the mean preparation fee for an itemized 1040 and state return in 2020 was $302. Use this price as the population mean and assume the population standard deviation of preparation fees is $100. (a) What is the probability that the mean price for a sample of 40 federal income tax returns is within $16 of the population mean? (Round your answer to four decimal places.) (b) What is the probability that the mean price for a sample of 70 federal income tax returns is within $16 of the population mean? (Round your answer to four decimal places.) (c) What is the probability that the mean price for a sample of 121 federal income tax returns is within $16 of the population mean? (Round your answer to four decimal places.) (d) Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend to ensure at least a 0.95 probability that the sample mean is within $16 of the population mean? (Select all that apply.) 40 customers O 70 customers 121 customers Onone of the above
Transcribed Image Text:You may need to use the appropriate appendix table or technology to answer this question. Accounting Today reports that the mean preparation fee for an itemized 1040 and state return in 2020 was $302. Use this price as the population mean and assume the population standard deviation of preparation fees is $100. (a) What is the probability that the mean price for a sample of 40 federal income tax returns is within $16 of the population mean? (Round your answer to four decimal places.) (b) What is the probability that the mean price for a sample of 70 federal income tax returns is within $16 of the population mean? (Round your answer to four decimal places.) (c) What is the probability that the mean price for a sample of 121 federal income tax returns is within $16 of the population mean? (Round your answer to four decimal places.) (d) Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend to ensure at least a 0.95 probability that the sample mean is within $16 of the population mean? (Select all that apply.) 40 customers O 70 customers 121 customers Onone of the above
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