MTH 2310-Spring 1 2018 Online (96155) Marie Jonzun | 3/4/18 9:4 lomework: Homewo

Question

MTH 2310-Spring 1 2018 Online (96155) Marie Jonzun | 3/4/18 9:4 lomework: Homework #9-Confidence Intervals core: 0 of 2 pts 1.1.45-T 3 of 12 (2 complete) Hw Score: 896, 2 of Question Help Some accounting firms give the client an option to pay a fee when the tax return is completed that guarantees tax advices and support from the accountant if the were audited. A large accounting firm is trying to determine what fee to charge for next years returns. In previous years, the actual mean cost to the firm for atten client audit session was $660. To determine if this cost has changed, the firm randomly samples 34 client audit fees. The sample mean audit cost was $700 with a standard deviation of $75. Complete parts a and b below. a) Develop a 95% confidence interval estimate for the mean audit cost. The 95% confidence interval for the mean audit cost is ( (Round to the nearest dollar as needed.) Enter your answer in the edit fields and then click Check Answer. Clear All

Explanation / Answer

The 95% confidence interval for mean audit cost is 674.7902 , 725.2098

CI for 95% n 34 mean 700 z-value of 95% CI 1.9600 std. dev. 75 SE = std.dev./sqrt(n) 12.86239 ME = z*SE 25.20983 Lower Limit = Mean - ME 674.79017 Upper Limit = Mean + ME 725.20983 95% CI (674.7902 , 725.2098 )

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