Retail diamonds carry high rates of markup, especially when sold in jewellery stores located in malls, where overhead expenses are particularly high. Denali Diamonds' rate of markup on cost for its diamond engagement rings is 150%. If Denali advertises a one-carat diamond solitaire ring for $6299, and overhead expenses are 42% of cost, what operating profit is Denali earning on the sale of the ring? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Operating profit %24

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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.