A customer has approached a bank for a loan. Withoutfurther information, the bank believes there is a 4% chancethat the customer will default on the loan. The bank can runa credit check on the customer. The check will yield eithera favorable or an unfavorable report. From past experience,the bank believes that P(favorable report being received)|customer will default) 410, and P(favorable report| customer will not default) 19090. If a favorable report isreceived, what is the probability that the customer willdefault on the loan?

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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.