A financial researcher in Malaysia found that the monthly expenditure for a household staying in town has the mean of RM5,500 (Malaysian ringgit) with the standard deviation of RM1,025.   a. What is the probability of a household having monthly expenditure more than RM4,550? b. What is the probability of a household having monthly expenditure in between RM4,550 and RM6,000? c. How much is the monthly expenditure for the top 10 percent of households? d. How much is the monthly expenditure for the bottom 5 percent of households?

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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.