A bookstore sells books for $2, $3, $5, and $10. Let random variable X = "amount of money for one book." Look at the relative-frequency table below representing the amount of money spent on one item and the relative frequencies with which customers purchase them:   If the expected amount of money spent by a customer is $3.23, what is the standard deviation?

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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.