8.14 In 1991 the average interest rate charged by Canadiancredit card issuers was 18.8 percent. Since that time,there has been a proliferation of new credit cardsaffi liated with retail stores, oil companies, alumniassociations, and so on. A fi nancial offi cer wants tostudy whether the increased competition in the creditcard business has reduced interest rates. To do this, theoffi cer will test a hypothesis about the current meaninterest rate, m, charged by Canadian credit card issuers.To perform the hypothesis test, the offi cer randomlyselects n 5 15 credit cards and obtains the followinginterest rates (arranged in increasing order): 14.0, 14.6,15.3, 15.6, 15.8, 16.4, 16.6, 17.0, 17.3, 17.6, 17.8, 18.1,18.4, 18.7, and 19.2. Is there a statistically signifi cantdifference between present interest rates and historicalrates? Present a standardized effect size estimate alongwith your hypothesis test.
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