Recently, a random sample of 13-18 year olds was asked, "How much do you currently have in savings?" The data in the table represent the responses to the survey. Approximate the mean and standard deviation amount of savings. E Click the icon to view the frequency distribution for the amount of savings. The sample mean amount of savings is $ 248. (Round to the nearest dollar as needed.) Frequency distribution of amount of savings Frequency Savings $O $199 $200-$399 $400-$599 $600-$799 345 91 62 23 $800-$999 14 $1000-$1199 $1200-$1399 8 3

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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.