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Phantasy [73]
3 years ago
7

The CPA Practice Advisor reports that the mean preparation fee for 2017 federal income tax returns was $273. Use this price as t

he population mean and assume the population standard deviation of preparation fees is $100. Use z-table.
a. What is the probability that the mean price for a sample of 30 federal income tax returns is within $16 of the population mean?
Business
1 answer:
larisa [96]3 years ago
6 0

Answer:

The CPA Practice Advisor

The probability that the mean price for a sample of 30 federal income tax returns is within $16 of the population mean is:

= 56%

Explanation:

a) Data and Calculations:

Population mean (preparation fee for 2017 federal income tax returns) = $273

Population standard deviation of preparation fees = $100

Mean price for a sample of 30 federal income tax returns = $257 (which is within $16 of the population mean)

z = (x-μ)/σ

z = standard score

x = observed value

μ = mean of the sample

σ = standard deviation of the sample

Z = ($273 - $257)/$100

= 0.16

Using the z-table

P = 0.5636

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3 years ago
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After a major earthquake, the San Francisco Opera Company is offering zero coupon bonds to fund the needed structural repairs to
tekilochka [14]

Answer:

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If Mr. Norton purchases three of these bonds today, in 10 years from today at maturity, he will receive:

= $6,000.

Explanation:

a) Data and Calculations:

Face value of each zero coupon bond purchased = $2,000

Number of bonds purchased by Norton = 3

Value of bond investments at maturity = $6,000 ($2,000 * 3)

Maturity period of the San Francisco Opera Company bonds = 10 years

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From an online financial calculator:

Present value of bonds = $1,932 (with each as $644 ($1,932/3))

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I/Y (Interest per year)  12

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FV (Future Value)  -6000

 

Results

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Total Interest $4,068.16

3 0
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