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Test whether the mean rate is less than 6%. Use P-value approach.

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? Approximate the p-value.

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