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    One sample t test

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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 provides step by step method for the calculation of test statistic and p value for on sample t test . Formula for the calculation and Interpretations of the results are also included.