Your turn A Honda Accord depreciates at 15% per year. Six years ago it was purchased for $21,000. What is it worth now? Knowns A(t) = (1 + r) t (1 a A(t) = A(t) = A(t) A(t) = Unknown A(t) Substitute & solve || || || || || 357

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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.