Round your answers to four decimal places

Assignment Help Applied Statistics

Reference no: EM13852369

The mean tax-return preparation fee H&R Block charged retail customers last year was $183 (The Wall Street Journal, March 7, 2012). Use this price as the population mean and assume the population standard deviation of preparation fees is $50.

Round your answers to four decimal places.

a. What is the probability that the mean price for a sample of 30 H&R Block retail customers is within $8 of the population mean?

_________________

b. What is the probability that the mean price for a sample of 50 H&R Block retail customers is within $8 of the population mean?

_________________

c. What is the probability that the mean price for a sample of 100 H&R Block retail customers is within $8 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 .95 probability that the sample mean is within $8 of the population mean?

Reference no: EM13852369

Questions Cloud

Provide step by step solving process : A dental clinic at which only one dentist works is open two days a week. During those two days, the traffic arrivals a Poisson distribution with patients arriving at the rate of three per hour. The doctor serves patients at the rate of one every 15 m..

What is the average gain of the insurance company : Suppose an insurance company charges $800 per year for a certain health insurance policy with a maximum payout of $20,000 when customer makes a claim. Each year, 3% of the customers submit a claim.What is the average gain of the insurance company per..

What are the steps to solving : A criminologist developed a test to measure recidivism, where low scores indicated a lower probability of repeating the undesirable behavior. The test is normed so that it has a mean of 140 and a standard deviation of 40.

What do you expect to happen in the long run? : What do you expect to happen in the long run?

Round your answers to four decimal places : The mean tax-return preparation fee H&R Block charged retail customers last year was $183 (The Wall Street Journal, March 7, 2012). Use this price as the population mean and assume the population standard deviation of preparation fees is $50.Round yo..

Historical cost principle : Many transactions and events are reported based upon on the historical cost principle (in contrast to fair value).

Assume grades in a course follow a normal distribution : Assume grades in a course follow a normal distribution. The average grade in a class is 75, and the standard deviation is 5 points. A professor takes a sample of 10 people in the class and calculates the average for that class is also 75. IN other wo..

Explain maslow theory of motivation : Explain Maslow's theory of motivation and its connection related to why workers join unions. What is the current status of the labor movement? Make sure to include your viewpoint

Let x be a normally distributed random variable with x : Let X be a normally distributed random variable with x= 100 and n= 10. Find the probability that X is between 70 and 120. (Round your answer to the nearest whole number percent.

User Account

All Pages