Some accounting firms give the client an option to pay an additional fee when doing their tax return, that guarantees co

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Some Accounting Firms Give The Client An Option To Pay An Additional Fee When Doing Their Tax Return That Guarantees Co 1 (13.78 KiB) Viewed 33 times

Some accounting firms give the client an option to pay an additional fee when doing their tax return, that guarantees company support should the client be audited. A large accounting firm would like to update their fee for this type of service. In previous years, the average cost to the firm for being involved in a client audit was $755. To determine if this cost has changed, the firm randomly samples 32 clients who got audited. The average audit cost for this sample of clients was $713 with a standard.error of $12.55. (a) Compute a 98% confidence interval for the true average involvement cost for all client audits for this company: (Use 4 decimals.) ($ (b) Based on the above interval, should the firm conclude the average audit involvement cost is different than $7557 $755, with 98% confidence. , there is - evidence the true average cost is -