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    Important information about Testing hypotheses of population mean

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    A recent article in theWall Street Journal reported that the prime rate for large banks now exceeds
    9 percent. A sample of eight small banks in the Midwest revealed the following prime rates (in
    10.1 9.3 9.2 10.2 9.3 9.6 9.4 8.8
    At the .01 significance level, can we conclude that the prime rate for small banks also
    exceeds 9 percent? Estimate the p-value.

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    Solution Summary

    The solution contains detailed explanation of testing whether the population mean is greater than a given value.