# 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?

[removed]

**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?

[removed]

**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?

[removed]

**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 |