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Mathematics, 28.05.2021 14:20 jeremytheprimerapper

The expense ratio (in percentage) for large-cap growth mutual funds have the following sample data0.52, 1.06, 1.26, 2.17, 1.55, 0.99, 1.10, 1.07, 1.81, 2.05 0.91, 0.79, 1.39, 0.62, 1.52, 1.02, 1.10, 1.78, 1.01, 1.15The data is believed to be normally distributed. a. Is there compelling evidence for concluding that the population mean expense ratio exceeds 1%? Carry out a test of the relevant hypothesis using a significance level 0.01.b. Referring back to part (a), describe in context type I and II errors and say which error you might have made in reaching your conclusion. The source from which the data was obtained reported that ? = 1.33 for the population of all 762 such funds. So did you actually commit an error in reaching your conclusion?c. Suppose that ? = 0.5, determine and interpret the power of the test in part (a) for the actual value of ? stated in (b).

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