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Example 3: Determine whether the given value is a statistic or a parameter.
In July 2011, 89.6% of all Florida International University Law School graduates passed the bar exam which incidentally was the best passage rate in Florida. Is this passage rate an example of a population parameter or a sample statistic? (Answer: Parameter)
A sample of law students attending the evening program is selected from FIU and their average age in years is 28.7. Is this average age an example of a population parameter or a sample statistic? (Answer: Statistic)