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A recent article in The Wall Street Journal reported that 30-year mortgage rate is now less than 6%. A sample of 8 small banks in Midwest revealed the following 30-year rates (in %): 

Mortgage Rate

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 30-year mortgage rate for small banks is less than 6%? Determine the p-value.

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  • Category:- Statistics and Probability
  • Reference No.:- M917902

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