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, 10:49 pm ad1c9bdddf
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.