Assuming that student incomes from employment in industry during the day are normally distributed with a mean income of $30,000 and a standard deviation of $3,000. a) What is the probability that a randomly selected student earns more than $30,000? b) What’s the probability that a randomly selected student earns between $27,000 and $33,000? c) What’s the probability that the average income of a sample of 30 students is less than $28000?

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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.