Five step hypothesis test for mortgage rate

Reference no: EM13112151

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.

Reference no: EM13112151

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