What is the probability that the mean price for a sample

Reference no: EM131021751

The mean tax-return preparation fee H&R Block charged retail customers in 2012 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: EM131021751

Questions Cloud

Equation that represents the new market supply curve : Suppose that two of these firms exit the coffee bean market and you have been asked to provide an equation that represents the new market supply curve given the exit of these two firms. You have also been asked to write this new market supply curv..

Use rounded numbers in intermediate calculations : You expect to receive $41,000 at graduation in two years. You plan on investing it at 9.25 percent until you have $176,000. Required: How long will you wait from now? (Enter rounded answer as directed, but do not use rounded numbers in intermediate c..

What meaning they may have in context of the topic : Share a link to a website that contains a graph. Discuss the critical points, increasing sections, decreasing sections, etc. and what meaning they may have in context of the topic on the website.

Shift in patient care delivery model in inpatient facilities : Discuss how the CMS reimbursement rules for never events required a shift in the patient care delivery model in inpatient facilities.

What is the probability that the mean price for a sample : 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?

What are the expected total annual costs : If you switch to an (R, S)-policy using the transformations from the lesson, what are the expected total annual costs? Please round to closest integer dollars.

Made for the three main methods of capital budgeting : Which of the following is NOT one of the simplifying assumptions made for the three main methods of capital budgeting?

What will your account be worth when you retire : You have just made your first $4,000 contribution to your individual retirement account. Assume you earn a 11.05 percent rate of return and make no additional contributions. Requirement 1: What will your account be worth when you retire in 44 years?

Draw island ppf for bananas and fishing boats : Draw Island's PPF for bananas and fishing boats. Measure bananas on the horizontal axis and fishing boats on the vertical axis. Be sure to 'den* the numeric values of the two intercepts in your drawing

User Account

All Pages