Test whether the mean rate is less than 6%. Use Pvalue approach.
A recent article in The Wall Street Journal reported that the 30year mortgage rate is now less than 6 percent. A sample of eight small banks in the Midwest revealed the following 30year 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 30year mortgage rate for small banks is less than 6 percent? Approximate the pvalue.