The average monthly electric bill of a random sample of 35 residents of a city is $90 with a standard deviation of $24.  Construct a 98% confidence interval for the population mean monthly electric bills of all residents.  Interpret your result.     a)  Is this a z-value or a t-value confidence interval?  (Write z or t.)   b) What is the z-value or t-value?    c) What is the confidence interval? (, ) (Rounded to 2 decimal places.)   d) Interpret this result.

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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.