The CPA Practice Advisor reports that the mean preparation fee for 2017 federal income tax returns was $273. Use this price as the population mean and assume the population standard deviation of preparation fees is $100. Use z-table. Round your answers to four decimal places. a. What is the probability that the mean price for a sample of 30 federal income tax returns is within $16 of the population mean? b. What is the probability that the mean price for a sample of 50 federal income tax returns is within $16 of the population mean? c. What is the probability that the mean price for a sample of 100 federal income tax returns is within $16 of the population mean? d. Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend to have at least a 0.95 probability that the sample mean is within $16 of the population mean? V - Select your answer - Sample of 30 federal income tax returns Sample of 50 federal income tax returns

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The CPA Practice Advisor reports that the mean preparation fee for 2017 federal income tax returns was $273. Use this price as the population mean and
assume the population standard deviation of preparation fees is $100. Use z-table.
Round your answers to four decimal places.
a. What is the probability that the mean price for a sample of 30 federal income tax returns is within $16 of the population mean?
b. What is the probability that the mean price for a sample of 50 federal income tax returns is within $16 of the population mean?
c. What is the probability that the mean price for a sample of 100 federal income tax returns is within $16 of the population mean?
d. Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend to have at least a 0.95 probability that the sample mean is within $16 of
the population mean?
V - Select your answer -
Sample of 30 federal income tax returns
Sample of 50 federal income tax returns
Sample of 100 federal income tax returns
Transcribed Image Text:The CPA Practice Advisor reports that the mean preparation fee for 2017 federal income tax returns was $273. Use this price as the population mean and assume the population standard deviation of preparation fees is $100. Use z-table. Round your answers to four decimal places. a. What is the probability that the mean price for a sample of 30 federal income tax returns is within $16 of the population mean? b. What is the probability that the mean price for a sample of 50 federal income tax returns is within $16 of the population mean? c. What is the probability that the mean price for a sample of 100 federal income tax returns is within $16 of the population mean? d. Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend to have at least a 0.95 probability that the sample mean is within $16 of the population mean? V - Select your answer - Sample of 30 federal income tax returns Sample of 50 federal income tax returns Sample of 100 federal income tax returns
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