According to U.S. News & World Report's publication America's Best Colleges, the average cost to attend the University of Southern California (USC) after deducting grants based on need is $29,625. Assume the population standard deviation is $6,600 . Suppose that a random sample of 70 USC students will be taken from this population. c. What is the probability that the sample mean will be within $1,250 of the population mean? .8859 How would the probability in part (c) change if the sample size were increased to 150? (to 4 decimals)

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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.