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P value in Student 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 gives step by step procedure for the calculation of one sample t test. The answer contain Null Hypothesis, Alternative Hypothesis, Significance Level, Critical Value and P value.

Solution Preview

Please see the attached file.

Answer

The null hypothesis tested is
H0: The 30-year mortgage rate for small banks is =6 %
H1: The 30-year mortgage rate for small banks is ...

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