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. What is the probability that the mean price for a sample of 30 federal income tax returns in within $16 of the population mean?What is the probability that the mean price for a sample of 50 federal income tax returns in within $16 of the population mean?What is the probability that the mean price for a sample of 100 federal income tax returns in within $16 of the population mean?Which, if any, of the sample sized 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?

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A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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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.

What is the probability that the mean price for a sample of 30 federal income tax returns in within $16 of the population mean?
What is the probability that the mean price for a sample of 50 federal income tax returns in within $16 of the population mean?
What is the probability that the mean price for a sample of 100 federal income tax returns in within $16 of the population mean?
Which, if any, of the sample sized 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?

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