Question

1. [10/20 Points] DETAILS PREVIOUS ANSWERS ASWSBE15 7.?.029.??. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER 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 20 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.) .8198 (c) What is the probability that the mean price for a sample of 81 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.) 20 customers 70 customers 81 customers none of the above Need Help? Submit Answer

          1. [10/20 Points]
DETAILS
PREVIOUS ANSWERS
ASWSBE15 7.?.029.??.
MY NOTES
ASK YOUR TEACHER
PRACTICE ANOTHER
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 20 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.)
.8198
(c) What is the probability that the mean price for a sample of 81 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.)
20 customers
70 customers
81 customers
none of the above
Need Help?
Submit Answer

1. [10/20 Points]
DETAILS
PREVIOUS ANSWERS
ASWSBE15 7.?.029.??.
MY NOTES
ASK YOUR TEACHER
PRACTICE ANOTHER
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 is100.
(a) What is the probability that the mean price for a sample of 20 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 within16 of the population mean? (Round your answer to four decimal places.)
.8198
(c) What is the probability that the mean price for a sample of 81 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 within16 of the population mean? (Select all that apply.)
20 customers
70 customers
81 customers
none of the above
Need Help?
Submit Answer

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