Dr. Thomas Stanley of Georgia State University has surveyed millionaires since 1973. Among other information, Stanley obtains estimates for the mean age, µ, of all U.S. millionaires.Suppose that 36 randomly selected U.S. millionaires are the following ages, in years. Assume that the standard deviation of ages of all U.S. millionaires is 13.0 Years. The mean of the data is 58.53 years. 31 45 79 64 48 38 39 68 52 59 68 79 42 79 53 74 66 66 71 61 52 47 39 54 67 55 71 77 64 60 75 42 69 48 57 48  a) What is the  population and variable in this study?  b) Is it reasonable to apply the z-interval procedure to obtain a confidence interval? c) Use the z-interval procedure to determine a 95% confidence interval for the mean age of all U.S. millionaires

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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.