The replacement time of televisions is normally distributed with an average of 8.2 years and a standard deviation of 1.1 years (according to data from "Getting Things Fixed", Consumer Report). Find the probability that a randomly selected television will be replaced in less than 5 years. a. 0.9981 b. 0.6828 c. 0.0500 d. 0.0018

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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.