Solution) A recent article in the Wall Street Journal reported that the 30-year mortgage rate is now less than
Question: 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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Deliverables: Word Document
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