The following table lists a portion of the data representing the annual returns (in percent) over a 10-year period for the Balanced mutual fund, a top-performing mutual fund from the Janus Capital Group.

a. Specify the competing hypotheses to determine whether the median return is greater than 5%.

b. Calculate the value of the test statistic, assuming that the sampling distribution of T is normally distributed.

c. At the 10% significance level, what is the conclusion to the hypothesis test?

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Year Return 2007 10.15 2008 -15.22 4.51 2016