CNNBC recently reported that the mean annual cost of auto insurance is 1018 dollars. Assume the standard deviation is 262 dollars. You take a simple random sample of 86 auto insurance policies. Find the probability that a single randomly selected value is less than 987 dollars. P(X < 987) =  Find the probability that a sample of size n=86n=86 is randomly selected with a mean less than 987 dollars. P(M < 987) =  Enter your answers as numbers accurate to 4 decimal places. Submit QuestionQuestion 7

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A: Solution

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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.