World investments markets were highly volatile in 1998. Table 10.7.4 shows one-year rates of return on closed-end mutual funds that specialize in income from international sources.
a. Do the rates of return of these closed-end world income funds, as a group, differ significantly on average from the 2.59% overall performance representing all world mutual funds over the same time period? If so, were these closed-end funds significantly better or significantly worse? In your calculations, you may assume that the overall performance is measured without randomness.
b. Do the rates of return of these closed-end world income funds, as a group, differ significantly on average from the €“26.83% overall performance representing all emerging markets€™ mutual funds over the same time period? If so, were these closed-end funds significantly better or significantly worse? In your calculations, you may assume that the overall performance is measured without randomness.

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TABLE 10.74 Performance of Closed-End World Income Funds: One-Year Market Return Fund ACM Mgd $-x Alliance Wld $ Alliance Wld $ 2 BlckRk North Am -x Dreyfus Str Govt Emer Mkts Float Emer Mkts Inc -x Emer Mkts Inc II-X First Aust Prime -x First Commonwlth-х Global HI Inc $ Global Income Fund-X Fund Global Partners-X Kleinwort Aust Morg St Em Debt x Morgan St Gibl-X Salomon SBG-x Salomon SBW-X Scudder Glbl High Inc-x Strategic GI Inc Templeton Em Inc Templtn Gl Govt Templtn Glbl Inc Worldwide $Vest-X Return Return 16.7% -27.0 3.9 4.0 -19.7 -18.4 -16.9 -5.3 -3.5 -10.7 -173 -5.4 -24.9 -27.3 -0.6 -18.9 -53.8 5.8 -12.8 2.2 48.2