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Some accounting firms give the client an option to pay a fee when the tax return is completed that guarantees tax advices and support from the accountant if the client were audited. A large accounting firm is trying to determine what fee to charge for next year's returns. In previous years, the actual mean cost to the firm for attending a client audit session was $740. To determine if this cost has changed, the firm randomly samples 32 client audit fees. The sample mean audit cost was $690 with a standard deviation of $75
. address the problems that follow.
Develop a 99% confidence interval estimate for the mean audit cost and address other interpretations related to the confidence intervals.
