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Dabney and Nancy are married, both gainfully employed, and have two children who are 3 and 6 years old.
Dabney's salary is $35,000 while Nancy's salary is $40,000. During the year, they spend $7,000 for child care expenses that are required so both of them can work outside of the home. Calculate the credit for child and dependent care expenses.
Margin of Error
Margin of Error is a statistic expressing the amount of random sampling error in a survey's results, indicating the potential variability in the results.
Confidence Intervals
An interval of values, sourced from statistical analyses of a sample, that is conjectured to include the value of a mysterious population parameter.
Binomial Distribution
A probability distribution that summarizes the likelihood that a value will take one of two independent states under a given number of trials.
Sampling Distribution
Sampling Distribution is the probability distribution of a given statistic based on a random sample, used to make inferences about a population.
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