What would you recommend if the study required a margin of error of $150 or less

Question

What would you recommend if the study required a margin of error of $150 or less? The input in the box bellow will not be graded, but may be reviewed and considered by your instructor. AARP reported on a study conducted to learn how long it takes individuals to prepare their federal income tax return (AARP Bulletin, April 2008). The data contained in the WEB file named TaxReturn are consistent with the study results. These data provide the time in hours required for 40 individuals to complete their federal income tax returns. Using past years data, the population standard deviation can be assumed known with sigma = 10 hours. What is the 95% confidence interval estimate of the mean time it takes an individual to complete a federal income tax return?

Explanation / Answer

ans=

=x bar +- z (0.025) (sd/sqrt(n)

=33.5+-1.96(10/sqer(40)

=33.5+-1.96(10/6.324)

=33.5+-1.96(1.581)

==33.5+-3.09876

=(30.4,36.6)

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