The CPA Practice Advisor reports that the mean preparation fee for 2017 federal income tax returns...

The CPA Practice Advisor reports that the mean preparation fee for 2017 federal income tax returns was $273. Use this price as the population mean and assume the population standard deviation of preparation fees is $100.

A) What is the probability that the mean price for a sample of 30 federal income tax returns is within $16 of the population mean?

B) What is the probability that the mean price for a sample of 50 federal income tax returns is within $16 of the population mean?

C) What is the probability that the mean price for a sample of 100 federal income tax returns is within $16 of the population mean?

D) Which, if any of the sample sizes in part (a), (b), and (c) would you recommend to ensure at least a .95 probability that the same mean is withing $16 of the population mean?

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milcah answered 8 months ago

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