The lifetime of a certain brand of electric light bulb is known to have a standard deviation of 53 hours. Suppose that a random sample of 50 bulbs of this brand has a mean of 495 hours. Find a 99% confidence interval for the true mean lifetime of all light bulbs of this brand. Then give the lower and upper limit. Carry intermediate computations to 3 decimal places, and answers to 1.

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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.