Mathematics

The mean tax-return preparation fee H&R Block charged retail customers in 2012 was $183 (The Wall Street Journal, March 7, 2012). Use this price as the population mean and assume the population standard deviation of preparation fees is $50.

 

Round your answers to four decimal places.

 

a.  What is the probability that the mean price for a sample of 30 H&R Block retail customers is within $8 of the population mean?
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b.  What is the probability that the mean price for a sample of 50 H&R Block retail customers is within $8 of the population mean?
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c.  What is the probability that the mean price for a sample of 100 H&R Block retail customers is within $8 of the population mean?
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d.  Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend to have at least a .95 probability that the sample mean is within $8 of the population mean?

Grading Sheet

Budget Expenses
Requirements: Answer each question fully. Answers must be recorded on the worksheet. EXCEL FORMULAS MUST BE USED.
Points Possible Points Earned Comments
Location identified 2
Travel Expenses identified and calculated for the entire group with an Excel formula 14
Lodging Expenses identified and calculated for the entire group with an Excel formula 14
Food Expenses identified and calculated for the entire group with an Excel formula 14
Entertainment Expenses identified and calculated for the entire group with an Excel formula 14
Total Budget 2
Question 1 total 60 0
Loans
Requirements: Answer each question fully. Answers must be recorded on the worksheet. EXCEL FORMULAS MUST BE USED.
Possible Points Points Earned Comments
Calculations for both loans are correct 21
Explain in 25 to 100 words which loan is the best option and why. 14
Question 2 total 35 0
Stats
Requirements: Answer each question fully. Answers must be recorded on the worksheet. EXCEL FORMULAS MUST BE USED.
Points Possible Points Earned Comments
Mean, Median, Mode 6
Range, Minimum, Maximum 3
Standard Deviation 4
Frequency Distribution 6
Histogram 6
z-Score 5
Question 3 total 30 0
Worksheet 1
Total for Worksheet 1 125 0

Budget Expenses

Location
Budget Total: Formula
Transportation
Item Qty Price each Total price Source
Description numbers Number or NA Formulas Link or citation
(Add rows as needed)
Lodging
Item Qty Price each Total price
Description numbers Number or NA Formulas Link or citation
(add rows as needed)
Food
Item Qty Price each Total price
Description numbers Number or NA Formulas Link or citation
(add rows as needed)
Entertainment and Misc.
Item Qty Price each Total price
Numbers numbers Number or NA Formulas Link or citation
(add rows as needed)

You are going on a dream vacation with five of your closest friends for a week. Since you are taking a math course, your friends asked you to come up with a budget to see how much it will cost each of you. Please identify your location in the US and then determine the total costs – remember to be thorough so the group does not run out of money. Your expense list must include the following (this means that you cannot book an all-expenses paid trip) • Travel expenses, such as plane or bus fare, local travel within the area. • Lodging expenses. If you plan to camp, you will include expenses for your camping gear. • Food expenses while you are on your trip. One way to do this is to research cost of living in your destination county to find out what a local family would expect to budget to pay for food. Another is to research local restaurants and groceries. • Entertainment or activity expenses and/or miscellaneous expenses that may occur.

Loans

Loans
Loan A Loan B
Principal (P) (same for both loans) number number
rate ( r) number number
# of Compoundings per year (n) number number
time in years (t) number number
Payment (PMT) formula formula
Total Paid formula formula
Interest Paid formula formula
Source Link or citation Link or citation

Suppose you all decide you want to finance the trip with a loan. Find two different available offers (the internet is a good source). Make sure the interest rate and loan length are both different in each option. Calculate the monthly payment amount, the total amount you will pay over the life of the loan and the total interest you will pay. NOTE: Do not provide personal information on the internet. You can find loan rates on major bank and credit union websites without providing personal information. Loan payment formula: PMT = P*(r/n)/(1 – (1 + r/n)^(-n*t)) PMT is the payment required to pay off a loan of $P at interest rate, r%, compounded n times per year for t years. You must use Excel formulas including cell references to calculate the loan payment, total paid and interest paid. Discuss which loan would be a better option and why: (14 points!)

Stats

Data
Copy from Data Copy the data from the Data tab. Make sure and paste as “Values (V)” (icon with “123”) so that this data does not regenerate every time you change the sheet. Frequency Distribution
Copy from Data Low High Bins Cumulative Frequency Frequency
Copy from Data Formula/Number Formula/Number words or formula Formula Formula
Copy from Data Formula/Number Formula/Number words or formula Formula Formula
Copy from Data Formula/Number Formula/Number words or formula Formula Formula
Copy from Data Formula/Number Formula/Number words or formula Formula Formula
Copy from Data Formula/Number Formula/Number words or formula Formul

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