According to Runzheimer International, a typical business traveler spends an average of $281 per day in Chicago. This cost includes hotel, meals, car rental, and incidentals. A survey of 55 randomly selected business travelers who have been to Chicago on business recently is taken. For the population mean of $281 per day, what is the probability of getting a sample average of more than $272 per day if the population standard deviation is $47? Appendix A Statistical Tables (Round the values of z to 2 decimal places, e.g. 15.25. Round your answer to 4 decimal places, e.g. 0.2513.) enter probability rounded to 4 decimal places

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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.