Business, 24.03.2021 06:10 hunt231

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 4.1 5.3 3.6 4.9 4.6 5.0 4.4
At the 0.01 significance level, can we conclude that the home equity loan rate for small banks is less than 4%? Estimate the p-value. What is the decision rule? (Negative amount should be indicated by a minus sign. Round your answer to 3 decimal places.)
Compute the value of the test statistic. (Round your answer to 2 decimal places.)
What is your decision regarding H0?
Estimate the p-value.
Please, be as thorough as possible. I learn from watching how others work it. Thank you!

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