The mean preparation fee H&R Block charged retail customers last year was $183(the Wall Street Journal, March 7, 2012). Use this price as the population mean andassume the population standard deviation of preparation fees is $50.a. What is the probability that the mean price for a sample of 30 H&R Block retailcustomers is within $8 of the population mean?

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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.