A recent article in The Wall Street Journal reported that the home equity loan rate is now

Question:

A recent article in The Wall Street Journal reported that the home equity loan rate is now less than 4%. A sample of eight small banks in the Midwest revealed the following home equity loan rates (in percent):

3.6 4.6 4.1 5.3 3.6 4.9 5.0 4.4


At the .01 significance level, can we conclude that the home equity loan rate for small banks is less than 4%? Estimate the p-value.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Statistical Techniques in Business and Economics

ISBN: 978-1259666360

17th edition

Authors: Douglas A. Lind, William G Marchal

Question Posted: