***Must be done in Excel****
Read the following case and provide answers to all the questions.
Individuals filing federal income tax returns prior to March 31 received an average refund of $1056. Consider the population of last minute files who mail their tax return during the last five days of the income tax period.
- A researcher suggest 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 H0 will support the researchers contention.
- 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 =$1600 may be assumed. What is the p-value?
- At =.05, what is your conclusion?
- Repeat the preceding hypothesis test using the critical value approach.
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