After deducting grants based on need, the average cost to attend the University of Southern California (USC) is $27,175. Assume the population standard deviation is $7,400. Suppose that a random sample of 50 USC students will be taken from this population.   (b) What is the probability that the sample mean will be more than $27,175?   (c) What is the probability that the sample mean will be within $1,000 of the population mean? (Round your answer to four decimal places.)   (d) What is the probability that the sample mean will be within $1,000 of the population mean if the sample size were increased to 100? (Round your answer to four 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.