Federal Income Tax Returns. The Wall St1·eetjournal reports that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of tax. payers was $16,642. Assume the standard deviation is σ= $2400. a.What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $200 of the population mean for each of the following sample sizes: 30, so, 100, and 400? b. What is the advantage of a larger sample size when attempting to estimate the population mean?

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.