Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Internal Revenue Service reports that the mean federal income tax paid in 2007 was $7908 with a standard deviation of $5000. a. In this

image text in transcribed
The Internal Revenue Service reports that the mean federal income tax paid in 2007 was $7908 with a standard deviation of $5000. a. In this situation, could the Central Limit Theorem be applied to a sample of 1000 taxpayers? because b. If a sample of 1000 taxpayers is randomly selected, state the mean and standard deviation of the sampling distribution of the mean according to the Central Limit Theorem. (round to the nearest integer) (round to the nearest tenth) c. Find the probability that 1000 randomly selected taxpayers will have a mean that is less than $8000. (round to the nearest hundreth) d. Suppose a sample of 1000 taxpayers has a mean of $8300 for federal income tax paid. Using the appropriate probability, determine if this is a significantly high sample mean. (Hint: How likely is to get a sample mean at least a large as what was observed in the sample?) Probability: (round to four decimal places) The observed sample mean significant

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Algebra Enhanced With Graphing Utilities (Subscription)

Authors: Michael Sullivan, Michael Sullivan III

6th Edition

0321849167, 9780321849168

More Books

Students also viewed these Mathematics questions

Question

Explain the importance of intersectionality in sampling.

Answered: 1 week ago

Question

An example of fixed variable from an event schema is

Answered: 1 week ago

Question

Food supply

Answered: 1 week ago

Question

Mortality rate

Answered: 1 week ago