Question

In: Math

Individuals filing federal income tax returns prior to March 31 received an average refund of $1077....

Individuals filing federal income tax returns prior to March 31 received an average refund of $1077. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15).

a. A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection Ho of will support the researcher's contention.

Ho: μ is

Hα: μ is

b. For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $920. Based on prior experience a population standard deviation of σ=$1800 may be assumed. What is the p-value (to 4 decimals)?

c. Using , α= 0.05 can you conclude that the population mean refund for "last minute" filers is less than the population mean refund for early filers? Answer the next three questions using the critical value approach.

d. Using α= 0.05, what is the critical value for the test statistic? Enter negative value as negative number. State the rejection rule: Reject α= 0.05 if z is ___ the critical value.

Using α= 0.05, can you conclude that the population mean refund for "last minute" filers is less than the population mean refund for early filers?

Solutions

Expert Solution



Related Solutions

Individuals filing federal income tax returns prior to March 31 received an average refund of $1,051....
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,051. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). (a) A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of H0 will support...
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,076....
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,076. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). a. A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of H0 will support...
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,081....
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,081. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). a. A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of H0 will support...
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,081....
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,081. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). a. A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of H0 will support...
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,064....
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,064. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). a. A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of H0 will support...
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,057....
Individuals filing federal income tax returns prior to March 31 received an average refund of $1,057. Consider the population of "last-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). a.A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of H0 will support the...
According to the IRS, individuals filing federal income tax returns prior to March 31 received an...
According to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1056 in 2018. Consider the population of “last-minute” filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. For a sample of 400...
1. Tax returns filed before March 31 get a refund that On average it is $...
1. Tax returns filed before March 31 get a refund that On average it is $ 1056. Consider the population of "last minute" respondents who present your statement the last five days of the period for this procedure (normally from April 10 to 15). An investigator suggests that the reason why these declarants wait until the last days are due to the fact that on average they get a refund greater than those that they declare before March 31. In...
The average income tax refund for the 2019 tax year was $3,333. Assume the refund per...
The average income tax refund for the 2019 tax year was $3,333. Assume the refund per person follows the normal probability distribution with a standard deviation of $943. Complete part a) through c) below. a) What is the probability that a randomly selected tax return refund will be more than $2,345? b) What is the probability that a randomly selected tax return refund will be between $1,300 and $2,500? c) What refund amount represents the 40th percentile of tax returns?...
The average income tax refund for the 2009 tax year was ​$3109. Assume the refund per...
The average income tax refund for the 2009 tax year was ​$3109. Assume the refund per person follows the normal probability distribution with a standard deviation of ​$917. Complete parts a through d below. a. What is the probability that a randomly selected tax return refund will be more than $2000? b. What is the probability that a randomly selected tax return refund will be between $1500 and $2900? c. What is the probability that a randomly selected tax return...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT