Hypothesis testing of single mean

Reference no: EM1322682

Hypothesis testing of single mean.

A recent article in The Wall Street Journal reported that the 30-year mortgage rate is now less than 6%. A sample of eight small banks in the Midwest revealed the following 30-years rates (in percent):

4.8, 5.3, 6.5, 4.8, 6.1, 5.8, 6.2, 5.6

At the 0.01 significance level, can we conclude that the 30-year mortgage rate for small banks is less than 6%? Estimate the p value.

Reference no: EM1322682

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