While reviewing the sample of audit fees, a senior accountant for the firm notes that the fee charged by the firm's accountants depends on the complexity of the return. A comparison of actual charges...


While reviewing the sample of audit fees, a senior accountant for the firm notes that the fee charged by the firm's accountants depends on the complexity of the return. A comparison of actual charges<br>therefore might not provide the information needed to set next year's fees. To better understand the fee structure, the senior accountant requests a new sample that measures the time the accountants<br>spent on the audit. Last year, the average hours charged per client audit was 3.27 hours. A new sample of 15 audit times shows the following times in hours. Complete parts a and b below.<br>2.9<br>3.8<br>4.3<br>3.9<br>4.2<br>4.7<br>3.7<br>3.3<br>2.5<br>3.6<br>4.5<br>4.2<br>4.7<br>3.1<br>3.3<br>a) Assume the conditions necessary for inference are met. Find a 90% confidence interval for the mean audit time.<br>The 90% confidence interval to estimate the mean audit time is from<br>to.<br>(Round to two decimal places as needed.)<br>

Extracted text: While reviewing the sample of audit fees, a senior accountant for the firm notes that the fee charged by the firm's accountants depends on the complexity of the return. A comparison of actual charges therefore might not provide the information needed to set next year's fees. To better understand the fee structure, the senior accountant requests a new sample that measures the time the accountants spent on the audit. Last year, the average hours charged per client audit was 3.27 hours. A new sample of 15 audit times shows the following times in hours. Complete parts a and b below. 2.9 3.8 4.3 3.9 4.2 4.7 3.7 3.3 2.5 3.6 4.5 4.2 4.7 3.1 3.3 a) Assume the conditions necessary for inference are met. Find a 90% confidence interval for the mean audit time. The 90% confidence interval to estimate the mean audit time is from to. (Round to two decimal places as needed.)

Jun 10, 2022
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