Case Study 7.5.2 compared the volatility of Global Rock Funds€™ return on investments to that of the benchmark Lipper fund. But can it be said that the returns themselves beat the benchmark? The table below gives the annual returns of the Global Rock Fund for the years 1989 to 2007 and the corresponding Lipper averages. Test the hypothesis that μD > 0 for these data at the 0.05 level of significance.

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Investment return % Investment return % Globa Lipper Year Rock,x Avg., Year Rock, x Avg., y 14.76 999 27.43 7 20.71 97 2003 35.98 20.26 2005 10.33 14.79 2006 15.94 14.27 2007 16.71 2