Question

Bones Brothers & Associates prepare individual tax returns. Over prior years, Bones Brothers has maintained careful records regarding the time to prepare a return. The mean time to prepare a return is 90 minutes and the population standard deviation of this distribution is 14 minutes. Suppose 100 returns from this year are selected and analyzed regarding the preparation time. What is the standard error of the mean?

Answer #1

Solution :

Given that ,

mean = = 90

standard deviation = = 14

n = 100

_{}
=
= 90 and

Standard error of the mean is ,

_{}
=
/
n = 14 /
100 = 1.4

Bones Brothers & Associates prepare individual tax returns.
Over prior years, Bones Brothers has maintained careful records
regarding the time to prepare a return. The mean time to prepare a
return is 90 minutes and the standard deviation of this
distribution is 14 minutes. Suppose 100 returns from this year are
selected and analyzed regarding the preparation time. What is the
standard error of the mean?
Bones Brothers & Associates prepare individual tax returns.
Over prior years, Bones Brothers has...

Bones Brothers & Associates prepare individual tax returns.
Over prior years, Bones Brothers has maintained careful records
regarding the time to prepare a return. The mean time to prepare a
return is 90 minutes, and the population standard deviation of this
distribution is 14 minutes. Suppose 100 returns from this year are
selected and analyzed regarding the preparation time. What is the
probability that the mean time for the sample of 100 returns is
between 88 minutes and 92 minutes?...

Bones Brothers & Associates prepare individual tax returns.
Over prior years, Bones Brothers has maintained careful records
regarding the time to prepare a return. The mean time to prepare a
return is 90 minutes, and the population standard deviation of this
distribution is 14 minutes. Suppose 100 returns from this year are
selected and analyzed regarding the preparation time. What is the
probability that the mean time for the sample of 100 returns for
this year is greater than 92?...

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