An insurance company charges $983 per year to insure your car. They calculate that there is a 4% chance that you have an accident each year, and that if you do have an accident, it will cost them $5,073.  What is the expected value for the insurance company of your policy?  Give your answer to two decimal places

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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.