The mean preparation fee H&R Block charged retail customers in 2011 was $183 (The Wall Street...

The mean preparation fee H&R Block charged retail customers in 2011 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 $45.

Suppose you have a sample of 55 customers. What is the expected value and standard error of x?
Calculate the probability that the mean price for a sample of 300 H&R Block retail customers is within $12 of the population mean (i.e. +/- 12) .Confirm your answer with this R code.

# pnorm outputs P(x<c) for normal distribution

# Probability of selecting a random sample with a sample mean

# within $12 of the population mean; using a sample size of n = 55

pnorm(195, mean = 183, sd = 45/sqrt(55)) - pnorm(171, mean = 183, sd = 45/sqrt(55))

hello, thanks for helping

i know i should post one question at a time, but i posted two since Q1 and Q2 are interconnected.

The R part confuses me.

Expert Solution

Rahul Sunny answered 1 year ago

The mean preparation fee H&R Block charged retail customers in 2012 was $183 (The Wall Street...

The mean 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. 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...

The mean preparation fee H&R Block charged retail customers last year was $183 (the Wall Street...

The mean 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. 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? What is the probability that the mean price for a sample of 50 H&R Block retail customers is...

7.29 The mean preparation fee H&R Block charged retail customers last year was $183 (The Wall...

7.29 The mean 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. Use Excel to compute your answers. Can you please help using excel I'm not understanding how to make this work with excel. a. What is the probability that the mean price for a sample of 30 H&R Block retail customers is...

The mean preparation fee H&R Block charged retail customers last year was $183. Use this price...

The mean preparation fee H&R Block charged retail customers last year was $183. Use this price as the population mean and assume the population standard deviation of preparation fees is $50. Let X be the population random variable. What does X stand for and why is X a random variable? What probability distribution does the random variable X follow? Suppose and are the mean and the standard deviation of the probability distribution of X. What are the values of and . Now we...

Question Workspace eBook The mean preparation fee H&R Block charged retail customers in 2012 was (The Wall...

Question Workspace eBook The mean preparation fee H&R Block charged retail customers in 2012 was (The Wall Street Journal, March 7, 2012). Use this price as the population mean and assume the population standard deviation of preparation fees is . Use z-table. Round your answers to four decimal places. a. What is the probability that the mean price for a sample of H&R Block retail customers is within of the population mean? b. What is the probability that the mean price for a...

The article is after the questions The July 6, 2011, edition of the Wall Street Journal...

The article is after the questions The July 6, 2011, edition of the Wall Street Journal Online includes an article by Michael Rapoport entitled “U.S. Firms Clash Over Accounting Rules.” The article discusses why some U.S. companies favored adoption of International Financial Reporting Standards (IFRS) while other companies opposed it. Instructions Read the article and answer the following questions. (a) The articles says that the switch to IFRS tends to be favored by “larger companies, big accounting firms, and rule...

1. An article in the Wall Street Journal on Friday May 27, 2011 titled “The Return...

1. An article in the Wall Street Journal on Friday May 27, 2011 titled “The Return of Meatless Friday”, discusses the sociological aspects of a recent announcement by the bishops of the catholic church in England and Wales. The bishops asked their parishioners to abstain from red meat every Friday for the entire year; not just during Lent. Some have claimed that if English and Welsh catholics reduce consumption of red meat by 5 tons every Friday, there would then...

Wall Street Journal - July 11, 2011 By ALEXANDRA BERZON "Red Carpet for the Chinese -...

Wall Street Journal - July 11, 2011 By ALEXANDRA BERZON "Red Carpet for the Chinese - Hotels Add Menu Items, Translators, Other Services for Growing Travel Segment" The traditional Chinese rice porridge, called congee, will soon become a staple of hotel breakfast buffets in America and abroad as U.S.-based hotel chains compete for growing numbers of Chinese travelers. The Chinese dish is part of a set of broader initiatives to attract Chinese travelers at hotel giants Hilton Worldwide Inc. and...

Exhibit: Costco Customers. Customers at Costco spend an average of $130 per trip (The Wall Street...

Exhibit: Costco Customers. Customers at Costco spend an average of $130 per trip (The Wall Street Journal, October 6, 2010). One of Costco’s rivals would like to determine whether Costco's customers spend more per trip. A survey of the receipts of 25 customers found that the sample mean was $135.25. Assume that the population standard deviation of spending is $10.50 and the spending follows a normal distribution (use the significance level 0.07). Round your solutions for this Exhibit to 4...

The Wall Street Journal Corporate Perceptions Study 2011 surveyed readers and asked how each rated the...

The Wall Street Journal Corporate Perceptions Study 2011 surveyed readers and asked how each rated the quality of management and the reputation of the company for over 250 worldwide corporations. Both the quality of management and the reputation of the company were rated on an excellent, good, and fair categorical scale. Assume the sample data for 200 respondents below applies to this study. Quality of Management Reputation of Company Excellent Good Fair Excellent 41 25 5 Good 34 35 10...

Question