The annual family expenditure of 421 families in the main city is normally distributed with a mean of Rs. 800,000 and a standard deviation of Rs.75, 000. If a family of the city is selected randomly, What is the probability that the annual expenditure of a family is greater than Rs600, 000? What is the probability that the annual expenditure of a family is in between Rs. 650,000 and Rs.840, 000. What is the probability that the annual expenditure of a family is in between Rs. 880 000 and Rs. 960, 000? Determine the percentage and number of families who will be spent greater than Rs. 900, 000 annually? The Government wants to identify families who spend the lowest 10% of the amount for the family in the city to provide a special grant as an annual subsidy of Rs.96,000 for each family. Determine cut-off annual expenses of a family to obtain the Government grant

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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.