Question 846: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.
Need more than just an answer? Download the Easy t Excel T-test Calculator Package which gets you the answer with the detailed calculations.