**PLEASE NOTE** - I am using Excel and it is CRUCIAL that I know the excel funct
ID: 3221775 • Letter: #
Question
**PLEASE NOTE** - I am using Excel and it is CRUCIAL that I know the excel functions to discover the answers. PLEASE HELP ME UNDERSTAND THIS BY LISTING THEM!!! Finding the answer isn't as hard for me as being able to input the functions via excel. THANK YOU SO MUCH!!!!
**PLEASE NOTE** - I am using Excel and it is CRUCIAL that I know the excel functions to discover the answers. PLEASE HELP ME UNDERSTAND THIS BY LISTING THEM!!! Finding the answer isn't as hard for me as being able to input the functions via excel. THANK YOU SO MUCH!!!!
Individuals filing federal income tax returns prior to March 31 received an average refund of $1056. Consider the population of wlast-minute" filers who mail their tax return during the last five days of the income tax period (typically April 10 to April 15). a) A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early filers. Develop appropriate hypotheses such that rejection of Ho will support the researcher's contention b) For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $910. Based on prior experience a population standard devi-ation of a $1600 may be assumed. What is the p-value? c) Did you use the z-distribution or the t-distribution Tell me why. d) At a 05, what is your conclusion? Don't just te me reject or fail to reject". Give an answer appropriate to the context of the question e) Repeat the preceding hypothesis test using the critical value approach Be sure to show all work and label your answers appropriately.Explanation / Answer
(a) Null Hypothesis : H0 : There is no significant decrease in mean average refund received by the late filers in comparison with average refund received by early filers.
Alternative Hypothesis : Ha : There is significant decrease in mean average refund received by the late filers in comparison with average refund received by early filers.
(b)
sample mean refund for later filers = $910.
p- value = Pr( Xbar < 910; 1056 ; 1600// sqrt(400))
so Z = ( 910 - 1056)/(1600/sqrt(400) = 146/80 = -1.825 [ excel formula =(B1-B2)/(B3/SQRT(B4)) where these values are associated by the above given table]
so p - value = 0.0340 [ excel formula = =NORMSDIST(C2)
(c) as population variance is given and n = 400> 30 so we will use z - test
(d) as p - value is less than significance level 0.05 so we can reject the null hypothesis and we can conclude that late income tax filers get less refund as compared to early tax filers.
(e) Critical value for alpha = 0.05 => zcritical for one tailed test = + 1.65
(in excel one can use =NORMSINV(0.05) ( put 0.05 for left tail , 0.95 for right tail and 0.025 for both tailed)
so for left tailed test zcritical > z , so we can reject the null.
A B C D 1 sample mean 910 2 population 1056 -1.825 0.034001 -1.64485 3 Std. dev. 1600 4 size 400Related Questions
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