Business Weekly conducted a survey of graduates from 30 top MBA programs. On the basis of the survey, assume the mean annual salary for graduates 10 years after graduation is 132000 dollars. Assume the standard deviation is 37000 dollars. Suppose you take a simple random sample of 95 graduates. Find the probability that a single randomly selected policy has a mean value between 120991.3 and 131240.8 dollars. P(120991.3 < X < 131240.8) =  Find the probability that a random sample of size n=95n=95 has a mean value between 120991.3 and 131240.8 dollars. P(120991.3 < X̅ < 131240.8) =

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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.