(Answered) Suppose you do not know the population mean fee charged to

Economics

Suppose you do not know the population mean fee charged to H&R Block customers last year. Instead, suppose you take a sample of size n=40 and find a sample mean of 175. Assume that the distribution for fees is normally distributed with a population standard deviation of $50.

a. Calculate the standard error of x bar?

b. 95% confidence interval for the population mean of fees at H&R Block.

i.Calculate the margin of error (MOE) of x bar using a 5% significance level.

ii.Calculate the 95% confidence interval.

iii.What is the interpretation of the confidence interval.

c. 90% confidence interval for the population mean of fees H&R Block.

i.Calculate the margin of error (MOE) of x bar using a 10% significance level.

ii.Calculate the 90% confidence interval.

iii.Suppose an analyst belief that the population mean fee is equal to $185. Using a 90% confidence level. can we conclude the analyst is right?

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Business Economics, Economics

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