A recent article in the Wall Street Journal reported that the 30-year mortgage rate is now less than 6 percent. A sample of eight 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 percent? Estimate the p-value.© BrainMass Inc. brainmass.com June 3, 2020, 9:06 pm ad1c9bdddf
We use a T-test for means.
Ho: m = 6
Ha: m < 6
sample mean for your data is x= 5.6375
standard deviation is ...
The solution discusses Wall Street Journal reported 30-year mortgage rate rate is now less than 6 percent. The p-value is estimated.