What is a disadvantage of overpaying your taxes during the year?

1 answer:

5 0

The disadvantage of overpaying your taxes during the year is that you cannot use the money or draw interest on it until after you get your tax refund.

If you are overpaying your taxes, the government is holding that extra money for you. At the end of the tax year when you file your taxes, they will give you the extra money back that you overpaid.

However, you don't receive any interest on the extra money that was held.

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Suppose that the researchers wanted to estimate the mean reaction time to within 6 msec with 95% confidence. Using the sample st

Lisa [10]

Answer:

a) The 95% confidence interval would be given by (509.592;550.308)

b) n=523 rounded up to the nearest integer

Step-by-step explanation:

A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".

The margin of error is the range of values below and above the sample statistic in a confidence interval.

Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".

$\bar X=530$ represent the sample mean for the sample

$\mu$ population mean

s=70 represent the sample standard deviation

n=48 represent the sample size (variable of interest)

Confidence =95% or 0.995

Part a

The confidence interval for the mean is given by the following formula:

$\bar X \pm t_{\alpha/2}\frac{s}{\sqrt{n}}$ (1)

The degrees of freedom are df=n-1=48-1=47

Since the Confidence is 0.95 or 95%, the value of $\alpha=0.05$ and $\alpha/2 =0.025$ , and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-T.INV(0.025,47)".And we see that $z_{\alpha/2}=2.01$