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

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?

Expert Solution

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orchestra answered 1 year ago

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