A random sample of 10​venture-capital investments in the fiber optics business sector yielded the following​ data, in millions of dollars. Determine a 95​% confidence interval for the mean​ amount, μ​, of all​ venture-capital investments in the fiber optics business sector. Assume that the population standard deviation is $2.27 million.​ (Note: The sum of the data is ​$64.46 million.)   3.94 4.67 3.95 7.34 6.76 7.63 4.95 10.97 3.69 10.56   The confidence interval for μis from $__________ million to ​$__________ million. (Round to two decimal places as​ needed.)

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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.