A recent article in the Wall Street Journal reported that the 30-year mortgage rate is now less than 6 percent.
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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.
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Solution Summary
The solution discusses Wall Street Journal reported 30-year mortgage rate rate is now less than 6 percent. The p-value is estimated.
Solution Preview
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 ...
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