31) What are Interpolation and Extrapolation?
Interpolation is a very useful statistical and mathematical tool to estimate value from two unknown values from a list of known values. Investors and stock analysts often use line charts to visualise changes in the price of securities. Extrapolation is approximating something by extending a known set of values or facts. This is the process of estimating something if the present situation continues and is an important concept not only in Mathematics but also in other disciplines like Psychology, Sociology, Statistics etc.