Lawrence recently purchaseda new car for $32,000. His research through Kelly Blue Book gave him a straight-line depreciation model of y =-350x + 32,000. He hopes to sell the car after 24 months. Lawrence's car payment is $590 per month for 60 months, so his expense equation is y-590x. If he is successful in selling the car after 24 months, how much will the car be worth? After selling the car and paying off the remaining loan balance, will Lawrence have any money left over? If so, how much? Please use the space below to explain your answer to the three questions. (x-months for both equations)

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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.