One is a noun, and the other is a verb. When pronounced "es-tuh-mit," it is a noun (like a free estimate on windows or siding on a house), and when it is pronounced "es-tuh-mate," it is a verb (like estimate the answer to a math problem, or estimate how far I can throw this rock). Depending on where you are in the country, it will be pronounced differently for both meanings.
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AnonymousMy friend claims it is possible to pronounce it this way:"Es-Te-Ments".No.
Anonymous1. "Es-Tuh-Meyts"2. "Es-Tuh-Mits"With the stress as shown -- not as you had it.