Testing hypotheses of population mean-prime rate

Reference no: EM13113720

A recent article in theWall Street Journal reported that the prime rate for large banks now exceeds 9 percent. A sample of eight small banks in the Midwest revealed the following prime rates (in percent):

10.1 9.3 9.2 10.2 9.3 9.6 9.4 8.8

At the .01 significance level, can we conclude that the prime rate for small banks also exceeds 9 percent? Estimate the p-value.

Reference no: EM13113720

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