The Internal Revenue Service (IRS)is Interested in Estimating the Mean

question 115

Multiple Choice

The Internal Revenue Service (IRS) is interested in estimating the mean amount of money spent on outside tax service by income tax filers filing as single on their individual form.To do this,they have selected a random sample of n = 16 people from this population and surveyed them to determine the sample mean and sample standard deviation.The following information was observed: Given this information,what is the 95 percent confidence interval for the mean dollars spent on outside tax assistance by taxpayers who file as single?

• A)Approximately $72.19 - $105.01
• B)About $22.97 - $154.23
• C)Approximately $80.90 - $96.30
• D)About $28.25 - $148.95

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Definitions:

Immediate Returns

Earnings or benefits that are received quickly or immediately after an investment or action is made.

Capitalist

An economic system where private individuals own and control property and businesses, operating them for profit.

Competitive Advantage

A condition or circumstance that puts a company in a favorable or superior business position compared to its competitors.

Sustainable Innovation

The creation of new products, processes, or technologies that meet current needs without compromising the ability of future generations to meet their own needs.