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.