World Population was estimated at 2.56 billion people in 1950 and 6.91 billion people in 2011. 1. Use this data to give an exponential growth model showing the world population P as a function of time t in years since 1950. Round coefficients to six significant digits.

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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.