A mortgage specialist would like to analyze the average mortgage rates for Atlanta, Georgia. He collects data on the annual percentage rates (APR in %) for 30-year fixed loans as shown in the following table. If he is willing to assume that these rates are randomly drawn from a normally distributed population, can he conclude that the mean mortgage rate for the population exceeds 4.35%? Test the hypothesis at a 10% level of significance. (You may find it useful to reference the appropriate table: z table or t table) Financial Institution APR G Squared Financial Best Possible Mortgage Hersch Financial Group Total Mortgages Services Wells Fargo Quicken Loans Amerisave 4.720% 4.780 4.670 4.130 4.280 4.175 4.805 Source: MSN Money.com; data retrieved October 1, 2010. A Click here for the Excel Data File a. Select the null and the alternative hypotheses. O Ho: H 2 4.35; Ha: p < 4.35 O Ho: Hs 4.35; HA: µ > 4.35 O Ho: H - 4.35; HA: µ 4.35 b. Calculate the value of the test statistic. (Round intermediate calculations to at least 4 decimal places and final answer to 2 decimal places.) Test statistic

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When we calculate intervals in probability and statistics, it can be simply termed as finding out a confidence interval. The confidence interval is usually calculated from the data set which is observed. The value of the parameter that needs to be calculated is present here only.