Bones Brothers & Associates Prepare Individual Tax Returns

question 56

Multiple Choice

Bones Brothers & Associates prepare individual tax returns. Over prior years,Bones Brothers has maintained careful records regarding the time to prepare a return. The mean time to prepare a return is 90 minutes,and the population standard deviation of this distribution is 14 minutes. Suppose 100 returns from this year are selected and analyzed regarding the preparation time. What is the probability that the mean time for the sample of 100 returns is between 88 minutes and 92 minutes?

• A)Approximately 1
• B)0.1664
• C)0.8336
• D)0.8472

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Definitions:

U-Shaped

A descriptive term often used in economics and statistics to describe a graph or curve that resembles the shape of the letter "U", indicating a particular kind of relationship or trend.

Positive Amount

A value that is greater than zero, indicating a quantity that adds to a total rather than subtracting from it.

Price

The financial charge expected, required, or dispensed as payment for a product.

Marginal Cost Curve

A graph that shows the change in the total cost of producing one additional unit of a good or service.