According to the IRS, the Average Refund in the 2011

question 91

Multiple Choice

According to the IRS, the average refund in the 2011 tax year was $3,109. Assuming that the standard deviation for these refunds was $874, what is the standard error of the sample mean for a random sample of 50 tax returns?

• A) $74.66
• B) $100.56
• C) $123.60
• D) $152.25

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Definitions:

Outcomes

The possible results or consequences of an action, experiment, or process.

Classical Probability

Classical probability is a theoretical probability calculation based on the assumption that all outcomes are equally likely and there are a finite number of outcomes.

Choosing

The process of making a selection from a range of options or possibilities.

Week

A time unit consisting of seven days.