In 2000,the Average Charge of Tax Preparation Was $95

question 50

Short Answer

In 2000,the average charge of tax preparation was $95.Assuming a normal distribution and a standard deviation of $10,use the approximate areas beneath the normal curve,as discussed in this section,to answer: What proportion of tax preparation fees were between $80 and $90?

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Definitions:

Nominal Wage

The wage earned by an employee, expressed in current currency terms, without adjustment for inflation or changes in purchasing power.

Efficiency Wage

A wage set above the market equilibrium by employers in an effort to enhance productivity, attract higher quality employees, and reduce turnover.

Constant Dollars

A term used to describe a measure of dollars that has been adjusted for inflation, reflecting the real value of money over time.

Nominal Wages

The amount of money paid to employees before adjusting for inflation, representing the face value of earnings.