Mathematics, 18.03.2021 03:30, mcmccann4317

The chance of an IRS audit for a tax return with over $25,000 in income is about 2% per year. We are interested in the expected number of audits a person with that income has in a 20-year period. Assume each year is independent.

How many audits are expected in a 20-year period?

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The chance of an IRS audit for a tax return with over $25,000 in income is about 2% per year. We are...