Automobile repair costs continue to rise with the average cost now at $367 per repair.† Assume that the cost for an automobile repair is normally distributed with a standard deviation of $88. Answer the following questions about the cost of automobile repairs. (a)What is the probability that the cost will be more than $460? (Round your answer to four decimal places.)   (b)What is the probability that the cost will be less than $240? (Round your answer to four decimal places.)   (c)What is the probability that the cost will be between $240 and $460? (Round your answer to four decimal places.)   (d)If the cost for your car repair is in the lower 5% of automobile repair charges, what is your maximum possible cost in dollars? (Round your answer to the nearest cent.)

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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.