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# P value questions for 30 year mortgage rates of 8 small Midwest banks

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A recent article in the Wall Street Journal reported that the 30 year mortgage rate is now less than 6%. A sample of 8 small banks in the Midwest revealed the following 30 year rates (in percent):

4.8
5.3
6.5
4.8
6.1
5.8
6.2
5.6

At the .01 significance level, can we conclude that the 30 year mortgage rate for small banks is less than 6%? Estimate the P values.

https://brainmass.com/statistics/hypothesis-testing/p-value-questions-for-30-year-mortgage-rates-of-8-small-midwest-banks-130198

#### Solution Preview

Use Excel, we get the following

-------------------------------------
Mean 5.6375
Standard Error 0.224354232
Median 5.7
Mode 4.8
Standard Deviation 0.634569595
Sample ...

#### Solution Summary

The solution shows all the formulas and calculations in arriving at the answer.

\$2.19