Interpolation and extrapolation are very similar, they are both processes by which we use existing data to make educated guesses about future data. The main difference between the two processes has to do with their prefixes. What do "extra" and "inter" mean to you? Typically, they mean:
Extra: Above and beyond, in addition to something.
Inter: Inside, between or among the group.
These are used the same in this case as well! Extrapolation is using the known data to make predictions outside the known range. Interpolation is using the known data to make predictions inside the known range.
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