Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return.

image text in transcribed
image text in transcribed
The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $17,460. Assume that the standard deviation is 0' = $2637. Use ztable. a. What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $163 of the population mean for each of the following sample sizes: 30, 50, 100, and 400? Round your answers to four decimals. 71:30 71:50 712100 n=400 b. What is the advantage of a larger sample size when attempting to estimate the population mean? Round your answers to four decimals. A larger sample the probability that the sample mean will be within a specified distance of the population mean. In this instance, the probability of being within i163 of in ranges from for a sample of size 30 to for a sample of size 400

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

Mathematics In Middle And Secondary School A Problem Solving Approach

Authors: Alexander Karp, Nicholas Wasserman

1st Edition

1623968143, 9781623968144

More Books

Students also viewed these Mathematics questions