Average Value Weighted Returns -- Daily				X15	X16	X17
	year	month	day	Txtls	BldMt	Cnstr
19690701	1969	07	01	0.6	0.79	0.31
19690702	1969	07	02	0.74	0.37	0.93
19690703	1969	07	03	0.58	0.85	1.71
19690707	1969	07	07	-0.35	-1	-0.22
19690708	1969	07	08	-1.27	-1.38	-0.14
19690709	1969	07	09	-0.75	-1.23	-0.86
19690710	1969	07	10	-1.43	-1.53	-2.46
19690711	1969	07	11	0.57	0.36	-0.28
19690714	1969	07	14	-0.68	-1.19	-2.51
19690715	1969	07	15	-1	-0.96	-0.31
19690716	1969	07	16	0.61	1.46	2.23
19690717	1969	07	17	0.55	0.84	-1.05
19690718	1969	07	18	-0.34	-0.73	-0.87
19690722	1969	07	22	-2.12	-2.01	-2.28
19690723	1969	07	23	-0.3	-0.83	-1.77
19690724	1969	07	24	-0.25	-0.02	-0.03

(can you do in excel )

answer the following questions and interpret all the results. Consider the standard significance levels 1%, 5% and 10% when interpreting your results.

1)Calculate the sample mean and the sample variance for each return series. Which portfolio has the highest risk ?

2)Using ANOVA, test the null hypothesis that the three population means (average returns) are the same. State the null and the alternative hypotheses .

3)Test now if the return series have different population variances .

4)Given your answer to question 3, is the result of the ANOVA test reliable ?