Question
In: Statistics and Probability
the internal revenue service reports that the mean federal income tax paid in a recent year...
the
internal revenue service reports that the mean federal income tax
paid in a recent year was $8040. Assume that the standard deviation
is $5000. The irs plans to draw a sample of 1000 tax returns to
study the effect of a new law.
A) what is the probability that the sample mean tax is less
than $8000?
B) what is the probability that the sample mean tax is between
$7600 & $7900?
C) Find the 40th percentile of the sample mean
D) would it be unusual if the sample mean were less than
$7500
E) can you tell whether it would be unusual for an individual
to pay tax of less than $7500? Explain?
Solutions
Expert Solution
Let 
denotes the sample mean of federal income tax paid for a a sample
of 1000 tax returns.
or 
a) The probability that the sample mean tax is less than $8000
b) The probability that the sample mean tax is between $7600 & $7900
c) To find 40th percentile of the sample mean
d) The probability that the sample mean tax is less than $7500
e) Since 
is quite low, so it will be unusual for an individual to pay tax
of less than $7500.
orchestra answered 2 years agoRelated Solutions
Taxes: The Internal Revenue Service reports that the mean federal income tax paid in the year...
Taxes: The Internal Revenue Service reports
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was
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. Assume that the standard deviation is
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. The IRS plans to draw a sample of
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