The home loan department of BRAC Bank Limited sanction a significant number of loans per month. In this month the amount of money requested on home loan applications at a Bank follow a normal distribution with a mean of Tk. 73 lacs and a standard deviation of Tk. 22 lacs. A loan application is received this morning. Find the probability that: a. The amount requested that would be in the lowest 8%? b. Also, what is the the median and mode amount?

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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.