Individuals filing federal income tax returns prior to March 31 received an average refund of $1,074. Consider the popul

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Individuals Filing Federal Income Tax Returns Prior To March 31 Received An Average Refund Of 1 074 Consider The Popul 1 (247.75 KiB) Viewed 30 times

Individuals filing federal income tax returns prior to March 31 received an average refund of $1,074. Consider the population of "last-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. Hou is greater than or equal to 1,074 Ha: u is less than 1,074 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 deviation of o = $1,800 may be assumed. What is the p- value (to 4 decimals)? -1.822 c. Using a = .05, can you conclude that the population mean refund for "last minute" filers is less than the population mean refund for early fliers? Yes Answer the next three questions using the critical value approach. If your answer is d. Using a = .05, what is the critical value for the test statistic (to 3 decimals)? negative use minus "-" sign. e. State the rejection rule: Reject H o if z is less than or equal to the critical value. f. Using a = .05, can you conclude that the population mean refund for "last minute" filers is less than the population mean refund for early filers? Yes