Suppose that the cost of performing an experiment is 1019. If the experiment fails, an additional cost of 297 TL occurs because of certain changes that have to be made before the next trial is attempted. If the probability of success on any given trial is 0.15, if the individual trials are independent, and if the experiments are continued until the first successful result is achieved, what is the expected cost of the entire procedure? Answer =

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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.