Hi, I really need your help solving this problem.
It's from Mathematical Statistics with Applications 7th edition
7.48:
An important aspect of a federal economic plan was that consumers would save a substantial portion of the money that they received from an income tax reduction. Suppose that early estimates of the portion of total tax saved, based on a random sampling of 35 economists, had mean 26% and standard deviation 12%.
a) What is the approximate probability that a sample mean estimate, based on a random sample of n = 35 economists, will lie within 1% of the mean of the population of the estimates of all economists?
b) Is it necessarily true that the mean of the population of estimates of all economists is equal to the percent tax saving that will actually be achieved?
Oh, and if you post answers, please post your calculations and method along with