You are trying to study the level of personal net worth of a low income populaon. In parcular you are interested in find the confidence interval of the mean level of net worth (net worth can be posive or negave and is measured in thousands of dollars). You do not know the distribuon of the level of net worth of the populaon. For your study, you collected a sample from 100 persons asking them their level of net worth. The results were such that the sample meanXˉ = 3 and the sample variance Sn2 = 100 (Assume you choose the persons randomly, they report their true net worth, and the populaon is sufficiently large.) From this data, find the 90% confidence interval of the mean level of net worth.

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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.