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QUESTION 2 The CPA Practice Advisor reportsthat the mean preparation fee for 2011 federal income tax returns was 5300. Use this price as the population
QUESTION 2 The CPA Practice Advisor reportsthat the mean preparation fee for 2011 federal income tax returns was 5300. Use this price as the population mean and assume the population standard deviation of preparation fees is 5120. Round your answers to four decimal places. I) What is the probability that the mean price for a sample of30 federal income tax returns is within $20 of the population mean. i.e.. within 5280 to $320? (to 4 decimals) 2) What is the probability that the mean price for a sample of50 federal income tax returns is more than $315? {to 4 decimals) 3) What is the probability that the mean price for a sample of100 federal income tax returns is less than $275? (to at decimals) QU ESTIO N 3 The Food Marketing Institute shows that 50% of households spend more than $100 per week on groceries. Assume the population proportion is p I 0.5 and a simple random sample of 100 households will be selected from the population. I. What is the expectation of Sample Proportion? (to 1 decimals) 2. What is the standard deviation of Sample Proportion? (to 2 decimals) 3. What is the probability that the sample proportion will be within 0.49 to 0.51? (to A decimals) Consider a sample of 2500 households selected from the population. 4. What is the expectation of Sample Proportion? (to 1 decimals) 5. What is the standard deviation of Sample Proportion? (to 2 decimals) 6. What is the probability that the sample proportion will be within 0.49 to 0.51? (to d decimals}
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