The average starting salary for new college graduates in business administration is $47,500. Assume that salaries are normally distributed, with a standard deviation of $4,500. a. What is the probability of a new graduate receiving a salary between $45,000 and $50 000? b. What is the probability of a new graduate getting a starting salary in excess of $55,000? c. What is the probability that starting salary is at most $42,250? d. What is the probability of a new graduate getting a starting salary exactly equal to $47,000?

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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.