A construction company in Naples, Florida, is struggling to sell condominiums. In order to attract buyers, the company has made numerous price reductions and better financing offers. Although condominiums were once listed for $300,000, the company believes that it will be able to get an average sale price of $210,000. Let the price of these condominiums in the next quarter be normally distributed with a standard deviation of $15,000. What is the probability that the condominium will sell at a price a. Below $200,000? b. Above $240,000?

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.