he useful life of an electrical component is exponentially distributed with a mean of 4,000hours.   a. What is the probability the circuit will last more than 4,750 ​hours? b. What is the probability the circuit will last between 4,000 and 4,250 ​hours? c. What is the probability the circuit will fail within the first 3,000 ​hours?

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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.