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? 0.6212 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? 0.7416 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? 0.8804 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? None of the sample sizes in parts (a), (b), and (c) are large enough.

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? 0.6212 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? 0.7416 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? 0.8804 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? None of the sample sizes in parts (a), (b), and (c) are large enough.

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

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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?
0.6212
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?
0.7416
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?
0.8804
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?
None of the sample sizes in parts (a), (b), and (c) are large enough.

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