A company that manufactures gas fireplaces wishes to estimate the average amount of heat produced by...

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A company that manufactures gas fireplaces wishes to estimate the average amount of heat produced by its newest model. A sample of 36 fireplaces produced an average of 22,770 BTUs of heat with a standard deviation of 320 BTUs. Create a 90% confidence interval estimate for the average amount of heat produced by all of the newest model fireplaces manufactured by this company. Step 1: Define the population of interest and select a simple random sample. Step 2: Specify the confidence level. Step 3: Compute the sample mean and standard deviation. Step 4: Determine the standard error of the sampling distribution. Step 5: Determine the critical value for desired confidence level (t-distribution). Step 6: Compute the confidence interval estimate. Step 6: Compute the confidence interval estimate. Business Implication: A company that manufactures gas fireplaces wishes to estimate the average amount of heat produced by its newest model. A sample of 36 fireplaces produced an average of 22,770 BTUs of heat with a standard deviation of 320 BTUs. Create a 90% confidence interval estimate for the average amount of heat produced by all of the newest model fireplaces manufactured by this company. Step 1: Define the population of interest and select a simple random sample. Step 2: Specify the confidence level. Step 3: Compute the sample mean and standard deviation. Step 4: Determine the standard error of the sampling distribution. Step 5: Determine the critical value for desired confidence level (t-distribution). Step 6: Compute the confidence interval estimate. Step 6: Compute the confidence interval estimate. Business Implication: