Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $130,000. This distribution follows the normal distribution with a standard deviation of $39,000. 1. If we select a random sample of 68 households, what is the standard error of the mean? (Round your answer to the nearest whole number.) 2. What is the likelihood of selecting a sample with a mean of at least $135,000? (Round your z value to 2 decimal places and final answer to 4 decimal places.) 3. What is the likelihood of selecting a sample with a mean of more than $121,000? (Round your z value to 2 decimal places and final answer 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.