The Federal Reserve Board made eight interest rate cuts on its benchmark short term rates in a particular year. Credit cards, however, averaged around 14% with the lowest credit cards charging around 8%. A financial analyst believes that the average rate on credit cards that charge monthly fees is lower than the national average of all credit cards. A random sample of 49 different credit cards that charged monthly fees revealed a sample mean of 13.5%. Assume a population standard deviation of 1.4%. Test the financial analyst's belief that the average rate charged by credit cards with monthly fees is less than 14%. Use a 5% significance level.