A senior analyst working for Ameritrade has reviewed purchases his customers have made over the last six months. He has categorized the mutual funds purchased into eight categories:
(1) Aggressive Growth (AG)
(2) Growth (G)
(3) Growth-Income (G-I)
(4) Income Funds (IF)
(5) International (I)
(6) Asset Allocation (AA)
(7) Precious Metal (PM)
(8) Bond (B).
The percentage gains (%) accrued by 3 randomly selected customers (C1, C2 and C3) in each group are as follows:
a. Develop the appropriate ANOVA table to determine if there is a difference in the average percentage gains accrued by his customers among the mutual fund types. Use a significance level of 0.05.
b. Use the Tukey-Kramer procedure to determine which mutual fund type has the highest average percentage gain. Use an experiment-wide error rate of 0.05.