The Bank of Connecticut issues Visa and MasterCard credit cards. It is estimated that the balances on all Visa credit cards issued by the Bank of Connecticut have a mean of $845 and a standard deviation of $270. Assume that the balances on all these Visa cards follow a normal distribution. a. What is the probability that a randomly selected Visa card issued by this bank has a balance between $950 and $1430? Round your answer to three decimal places. P = b. What percentage of the Visa cards issued by this bank have a balance of $720 or more? Round your answer to two decimal places. P =

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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.