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Probability Distribution and Analysis

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According to an IRS Study, it takes an average of 330 minutes for taxpayers to prepare, copy, and electronically file 1040 tax form. A consumer watchdog agency selects a random sample of 40 taxpayers and finds the standard deviation of the time to prepare, copy and electronically file form 1040 is 80 minutes.
a. What assumption or assumptions do you need to make about the shape of the population?
b. What is the standard error of the mean in this example?
c. What is the likelihood the sample mean is greater than 320 minutes?
d. What is the likelihood the sample mean is between 320 and 350 minutes?
e. What is the likelihood the sample mean is greater than 350 minutes?

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Solution Summary

This solution explains the assumptions one must make about the shape of the population, calculates the standard error of the mean and the likelihood of the sample in various cases. All steps and formulas are shown.

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