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

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Basic Math

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

A) What is the probability that the mean price for a sample of30 federal income tax returns is within $16 of the populationmean?

B) What is the probability that the mean price for a sample of50 federal income tax returns is within $16 of the populationmean?

C) What is the probability that the mean price for a sample of100 federal income tax returns is within $16 of the populationmean?

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 thesame mean is withing $16 of the population mean?

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