A study evaluated the results of a two-way ANOVA on the effects of the two factors€”exercise price of an option and the time of expiration of an option€”on implied interest rates (the measured variable). Included in the article is the following ANOVA table.

a. What is meant by Explained in the table, and what is the origin of the information listed under that source?
b. How many levels of exercise price were used?
c. How many levels of time of expiration were used?
d. How large was the total sample size?
e. Assuming an equal number of data points in each cell, how large was the sample in each cell?
f. Are there any exercise price main effects?
g. Are there any time-of-expiration main effects?
h. Are there any interactions of the two factors?
i. Interpret the findings of this study.
j. Give approximate p-values for the tests.
k. In this particular study, what other equivalent distribution may be used for testing for time-of-expiration main effects?

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Source of Variation Exercise prices Time of expiration Degrees of Sm of Mean 2.866 16.518 1.315 20.699 490.964 1.433 16.518 0.658 4.140 3.409 F Ratio 0.420 4.845 0.193 1.214 0 Explained Residuals (error) 144