Probability that mean fee for sample of customers is less

Assignment Help Basic Statistics
Reference no: EM13123536

In 2005, the average fee for H&R Block Executive Tax Service was $118.96. Assume that the standard deviation of the fees was $50.00 but that we have no idea Regarding the shape of the population distribution. What is the probability that the mean fee for a sample of 30 customers was less than $125?

Reference no: EM13123536

Questions Cloud

Estimating the company future revenues : Assume you are reviewing a company's annual report. In addition to actual revenues reported in the income statement, what other information disclosed would give you help in estimating this company's future revenues?
Draw marginal revenue and marginal cost curves : Derive, and show on a table, Sony's total and marginal revenue for all possible output levels. From this, draw Sony's demand, marginal revenue and marginal cost curves
Determining linear function and distance : If it is 300 miles from Chicago to St. Louis in a car traveling a constant speed of 60 mph, how do I write a linear function that expresses the distance to be traveled to reach St. Louis, s, as a function of time, t?
Explain how do small companies that have minimal accounting : From an accountant’s perspective, separation of duties is self-explanatory. Explain how do small companies that have minimal accounting staff deal with this issue? Explain how might you, as owner of a small business, ensure the integrity of your f..
Probability that mean fee for sample of customers is less : We have no idea Regarding the shape of the population distribution. What is the probability that the mean fee for a sample of 30 customers was less than $125?
Evaluate the proposed change in credit standards : Evaluate the proposed change in credit standards and make a recommendation to the firm.
Functions-length and cost : A power Station and a factory are on opposite sides of a river 60m wide. A cable must be run from the power station to the factory. it costs $25 per meter to run a cable in the river and $20 per meter on land.
Initial investment in net working capital : The sausage system will save the firm $256,800 per year in pretax operating costs, and the system requires an initial investment in net working capital of $59,920.
Solve space constrained inventories : Space Constrained Inventories, A grocer has exactly 1,000 square feet available to display and sells 3 kinds of vegetables. The space consumed by each kind of vegetable is proportional to its cost

Reviews

Write a Review

Basic Statistics Questions & Answers

  Probability-binomial distribution

Find the probability that the number of who consider themselves basketball fans is :

  Hypothesis proposed by the researchers

The 'interaction effect' was also important. By using the means in the table above write a statement explaining how the anti-anxiety drug appears to affect anxiety. Are the outcomes consistent with the hypothesis proposed by the researchers?

  Computing minimum sample size

Find the minimum sample size needed using a prior study that found that 36% of the respondents said they support abolishing the penny.

  Computing probability values using normal distribution

Computing probability values using normal distribution - How many students earned between $20,000 and $40,000

  Finite-population correction factor

Should the finite-population correction factor be used? Why or why not?

  Writing and solving quadratic equations

A yearbook page is to be designed so that there are 24 square inches available for print or pictures with margins of 1.5 inches on the top and bottom

  Trust company is studying the use of its atm

Finding the value of test statistic utilizing two-tail 't' test also interpret the result. The Commercial Bank as well as Trust Company is studying the use of its automatic teller machines.

  Money spent uniformly distributed between amounts

According to the Insurance Institute of America, a family of four spends between $400 and $3800 per year on all types of insurance. Suppose the money spent is uniformly distributed between these amounts.

  Make decision about buying machinery using third cycle

Distribution in Research simulation located on your student website. During the third cycle of the simulation, you need to make a decision about buying machinery.

  Decision analysis-maximax criterion

By using the maximax criterion, what decision should be made by the decision maker?

  Test the claim for mean amount of time relief

A study was conducted with 35 people that resulted in a mean of 22.1 minutes with a standard deviation of 1.9 minutes. Using a .05 significance level, test the claim that the mean amount of time relief will be felt is less than 25 minutes.

  Estimating median and first and third quartiles

Then use ogive to estimate median and first and third quartiles. Also utilize it to reply following question: What percent of 60 mutual fund loads are less than 75.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd