bank has kept records of the balances of its customers’ account, which is normally distributed with the average daily balance of $500 and standard deviation of $50.  (d) What is the probability that the sample mean of 36 randomly selected accounts will be between $350 and $400?  (e) If the population of the balances of customers’ accounts is not normally distributed, which, if any, of the questions above can you answer? Justify your answer.

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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.