The amount of gasoline in gallons sold by three different gas stations during one day is given by the independent random variables X1,X2, X3 each with a normal distribution. X1 has a mean μ1 =700 and standard deviation σ1 = 55; X2 has mean μ2 =700 and standard deviation σ2 = 65; X3 has mean μ3=900 and standard deviation σ3 = 100. Suppose the prices per gallon are $2.90, $3.00 and $3.10 for X1, X2, and X3 respectively. Find the probability that the combined revenue for a given day is less than $6000. Use the z-score table. Round answer to the nearest hundredth.

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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.