Question: Based on 37 monthly observations, you calculate the correlation between the returns of the SP500 index and small cap index to be 0.951. What is

 Based on 37 monthly observations, you calculate the correlation between the

Based on 37 monthly observations, you calculate the correlation between the returns of the SP500 index and small cap index to be 0.951. What is the t-statistic for this observation, assuming the variables are normally distributed? (Bonus thinking questions: Use the T.INV() spreadsheet function, with the appropriate degrees of freedom, to see if you can reject the null hypothesis of no correlation at the 5% level. Use T.DIST() function to calculate the p-value of your t-statistic.)

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