A random sample of 50 airline pilots had an average yearly income of $110,000 with a standard deviation of $10,000. If we want to determine a 90% confidence interval for the average yearly income, what is the value of t? Develop a 90% confidence interval for the average yearly income of all pilots.

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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.