We will have the following:
Using exponential regression we will have that the line of best fit will be:
Now, we will have that:
So, the approximation using linear regression gives us as solution approximately 29.7 years; thus the closest one to match is then
Answer:
For this case we have the following info related to the time to prepare a return
And we select a sample size =49>30 and we are interested in determine the standard deviation for the sample mean. From the central limit theorem we know that the distribution for the sample mean is given by:
And the standard deviation would be:
And the best answer would be
b. 2 minutes
Step-by-step explanation:
Previous concepts
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".
The central limit theorem states that "if we have a population with mean μ and standard deviation σ and take sufficiently large random samples from the population with replacement, then the distribution of the sample means will be approximately normally distributed. This will hold true regardless of whether the source population is normal or skewed, provided the sample size is sufficiently large".
Solution to the problem
For this case we have the following info related to the time to prepare a return
And we select a sample size =49>30 and we are interested in determine the standard deviation for the sample mean. From the central limit theorem we know that the distribution for the sample mean is given by:
And the standard deviation would be:
And the best answer would be
b. 2 minutes
