Formula Part b After reading these instructions delete all text in this shaded area. Use the XL Miner Analysis ToolPak to conduct your t-Test analysis. 1 Mutual Funds - Load 2 American National Growth 3 Arch Small Cap Equity 4 Bartlett Cap Basic 5 Calvort World International 6 Colonial Fund A 7 Common Sense Growth 8 Corefund Core Equity 9 Davis Convert Seurities 10 Deleware Smal Cap 11 Dreyfus Premium Value 12 Federated Stocks & Bonds 13 First Invest FD for Income 14 Flag Inv Emerging Growth 15 Fortis Equity Capital 16 FPA Capital 17 Franklin STR GLUT 18 Gubelli Value Fund Load Return 16.11 16.07 17.13 11.51 15.53 15.24 16.97 17.21 16.17 13.65 13.71 12.34 16.79 12.06 23 26 18.38 23.65 Mutual Funds - No Load Amana Income Fund Berger One Hundred Columnbia International Stock Dodge & Cox Balanced Evergreen Fund Fidelity Fund Forthis Advtg Cap App Founders Blue Chip Fund Goldman Core Fixed Income Heartland Value Janus Fund Manstay Cap Appriciation Merrill Spec Value Mutual Beacon Oberweis Emerging Growth Paine Webber Growth & Income Pimco Total Retur No Load Return 11.24 10.13 10.17 14.06 15.61 18.61 11.38 15.15 8.38 16.15 13.82 15.29 14.42 17.49 9.08 11.89 6.43 After deleting all text in this shaded area, set the output range in the ToolPak to the top loft cell of this area (G2). Your t-Test output should fit into this shaded area. Significance Level (Alpha) 0.05 Can we conclude that the mutual funds with a load have a greater mean rate of return? (Enter "Can conclude' or "Cannot conclude #N/A 19 IDS New Dimensions 20 John Hancock Growth & Income 21 Lord Abbett Dev Growth 22 Merrill Basic Value 23 MFS World Tot Return 24 New England Growth Opp 25 Oppenhmir Quest Small Cap 26 Phoenix Worldwide 27 Princor Bond 28 Stagecoach Disd Income 29 United Conti Income 30 Virtorv OH Raninnal Data 16.78 16.76 24.45 22.25 13.39 19.06 13.47 17.68 8.20 17.12 12.59 17 54 Prudential Equity Putnam Growth & Income & Royce FD Micro-Cap Scudder Development Smith Barney Appreciation Stein Roe Capital Opply T Rowe Price Balanced Thompson Plumb Growth USAA Growth & Tax Strat Vanguard Equity Income Vanguard Windsor Vanthal Intl Fruity 16.29 15.80 15.05 10.80 13.09 17.70 11.57 18.56 9.89 17.00 18.71 11 56 Calculation Mode: Automatic Workbook Statstics Give Feedback to Microsoft - 100% + 18 Gabelli Value Fund 23.65 Pimco Total Return 6.43 Cd wi rel "C 19 IDS New Dimensions 20 John Hancock Growth & Income 21 Lord Abbett Dev Growth 22 Merrill Basic Value 23 MFS World Tot Return 24 New England Growth Opp 25 Oppenhmr Quest Small Cap 26 Phoenix Worldwide 27 Princor Bond 28 Stagecoach Disd Income 29 United Conti Income 30 Victory OH Regional 31 Zweig SR TR Apprec 32 33 34 35 36 37 38 39 40 41 42 16.78 16.76 24.45 22.25 13.39 19.06 13.47 17.68 8.20 17.12 12.59 17.54 14.30 Prudential Equity Putnam Growth & Income Royce FD Micro-Cap Scudder Development Smith Barney Appreciation Stein Roe Capital Oppty T Rowe Price Balanced Thompson Plumb Growth USAA Growth & Tax Strat Vanguard Equity Income Vanguard Windsor Vontobel Intl Equity Weith Value 16.29 15.80 15.05 10.80 13.09 17.70 11.57 16.58 9.89 17.00 18.71 11.56 17.82 12 Formula Part b After reading these instructions delete all text in this shaded area. Use the XL Miner Analysis ToolPak to conduct your t-Test analysis. 1 Mutual Funds - Load 2 American National Growth 3 Arch Small Cap Equity 4 Bartlett Cap Basic 5 Calvort World International 6 Colonial Fund A 7 Common Sense Growth 8 Corefund Core Equity 9 Davis Convert Seurities 10 Deleware Smal Cap 11 Dreyfus Premium Value 12 Federated Stocks & Bonds 13 First Invest FD for Income 14 Flag Inv Emerging Growth 15 Fortis Equity Capital 16 FPA Capital 17 Franklin STR GLUT 18 Gubelli Value Fund Load Return 16.11 16.07 17.13 11.51 15.53 15.24 16.97 17.21 16.17 13.65 13.71 12.34 16.79 12.06 23 26 18.38 23.65 Mutual Funds - No Load Amana Income Fund Berger One Hundred Columnbia International Stock Dodge & Cox Balanced Evergreen Fund Fidelity Fund Forthis Advtg Cap App Founders Blue Chip Fund Goldman Core Fixed Income Heartland Value Janus Fund Manstay Cap Appriciation Merrill Spec Value Mutual Beacon Oberweis Emerging Growth Paine Webber Growth & Income Pimco Total Retur No Load Return 11.24 10.13 10.17 14.06 15.61 18.61 11.38 15.15 8.38 16.15 13.82 15.29 14.42 17.49 9.08 11.89 6.43 After deleting all text in this shaded area, set the output range in the ToolPak to the top loft cell of this area (G2). Your t-Test output should fit into this shaded area. Significance Level (Alpha) 0.05 Can we conclude that the mutual funds with a load have a greater mean rate of return? (Enter "Can conclude' or "Cannot conclude #N/A 19 IDS New Dimensions 20 John Hancock Growth & Income 21 Lord Abbett Dev Growth 22 Merrill Basic Value 23 MFS World Tot Return 24 New England Growth Opp 25 Oppenhmir Quest Small Cap 26 Phoenix Worldwide 27 Princor Bond 28 Stagecoach Disd Income 29 United Conti Income 30 Virtorv OH Raninnal Data 16.78 16.76 24.45 22.25 13.39 19.06 13.47 17.68 8.20 17.12 12.59 17 54 Prudential Equity Putnam Growth & Income & Royce FD Micro-Cap Scudder Development Smith Barney Appreciation Stein Roe Capital Opply T Rowe Price Balanced Thompson Plumb Growth USAA Growth & Tax Strat Vanguard Equity Income Vanguard Windsor Vanthal Intl Fruity 16.29 15.80 15.05 10.80 13.09 17.70 11.57 18.56 9.89 17.00 18.71 11 56 Calculation Mode: Automatic Workbook Statstics Give Feedback to Microsoft - 100% + Mutual funds are classified as load or no-load funds. Load funds require an investor to pay an initial fee based on a percentage of the amount invested in the fund. The no-load funds do not require this initial fee. Some financial advisors argue that the load mutual funds may be worth the extra fee because these funds provide a higher mean rate of return than the no-load mutual funds. A sample of 30 load mutual funds and a sample of 30 no-load mutual funds selected for analysis are contained in the Excel Online file below. Data were collected on the annual return for the funds over a five-year period. Construct a spreadsheet to answer the following questions. Open spreadsheet a. Formulate Ho and Ha such that rejection of Ho leads to the conclusion that the load mutual funds have a higher mean annual return over the five-year period. 0 Ho : Mload - Mno-load Ha : Mload - Mno-load 0 b. Use the 60 mutual funds in the table above to conduct the hypothesis test. What is the p-value? p-value is (to 4 decimals) At a = .05, what is your conclusion? that the mutual funds with a load have a greater mean rate of return