Hypothesis testing of single mean.
A recent article in The Wall Street Journal reported that the 30-year mortgage rate is now less than 6%. A sample of eight small banks in the Midwest revealed the following 30-years rates (in percent):
4.8, 5.3, 6.5, 4.8, 6.1, 5.8, 6.2, 5.6
At the 0.01 significance level, can we conclude that the 30-year mortgage rate for small banks is less than 6%? Estimate the p value.