A major department store chain is interested in estimating the average amount its credit card customers spent on their first visit to the chain's new store in the mall.  15 credit card accounts  randomly sampled produced a mean of $50.50 and a variance of 400.  A 95% confidence interval for the average amount the credit card customers spent on their first visit to the chain's new store in the mall is:

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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.