A new phone system was installed last year to help reduce the expense of personal calls that were being made by employees. Before the new system was​ installed, the amount being spent on personal calls follows a normal distribution with an average of $ 500 per month and a standard deviation of​ $50 per month. Refer to such expenses as​ PCE's (personal call​ expenses). Find the point in the distribution below which​ 2.5% of the​ PCE's fell.

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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.