The following table lists the annual returns (in percent) for a top-perform ing mutual fund, ING Russia, over the last decade.
a. Specify the competing hypotheses in order to determine whether the median return differs from 8%. b. Calculate the value of the test statistic. Do not assume the normal approximation for T.
c. At the 10% significance level, what is the decision rule?
d. Does the median return differ from 8%?