According to the U.S. Census Bureau, the mean household income in the United States in 2000 was $57,045 and the median household income was $42,148.The variability of household income is quite large with an overall standard deviation of approximately $25000. Suppose a random sample of 225 households was selected. What is the probability that the sample mean would be above $60,245?

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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.