Fortune magazine has periodically reported on the rise of fees and expenses charged by stock funds.
a. Suppose that 10 years ago the average annual expense for stock funds was 1.19 percent. Let μ be the current mean annual expense for all stock funds, and assume that stock fund annual expenses are approximately normally distributed. If a random sample of 12 stock funds gives a sample mean annual expense of  = 1.63% with a standard deviation of s = .31%, use critical values and this sample information to test H0: μ < 1.19% versus Ha: μ > 1.19% by setting a equal to .10, .05, .01, and .001. How much evidence is there that the current mean annual expense for stock funds exceeds the average of 10 years ago?
b. Do you think that the result in part a has practical importance? Explain your opinion.