Mutual Funds - Load	Load Return		Mutual Funds - No Load	No Load Return
American National Growth	15.71		Amana Income Fund	11.24
Arch Small Cap Equity	13.87		Berger One Hundred	10.13
Bartlett Cap Basic	17.63		Columbia International Stock	10.17
Calvert World International	11.11		Dodge & Cox Balanced	14.06
Colonial Fund A	17.63		Evergreen Fund	15.61
Common Sense Growth	15.34		Fidelity Fund	18.61
Corefund Core Equity	20.17		Forthis Advtg Cap App	11.38
Davis Convert Seurities	19.21		Founders Blue Chip Fund	15.15
Deleware Small Cap	17.37		Goldman Core Fixed Income	8.38
Dreyfus Premium Value	13.85		Heartland Value	16.15
Federated Stocks & Bonds	13.61		Janus Fund	13.82
First Invest FD for Income	12.34		Manstay Cap Appriciation	15.29
Flag Inv Emerging Growth	16.09		Merrill Spec Value	14.42
Fortis Equity Capital	13.46		Mutual Beacon	17.49
FPA Capital	23.96		Oberweis Emerging Growth	9.06
Franklin STR GL UT	16.48		Paine Webber Growth & Income	11.89
Gabelli Value Fund	22.45		Pimco Total Return	6.43
IDS New Dimensions	18.48		Prudential Equity	16.29
John Hancock Growth & Income	18.06		Putnam Growth & Income	15.80
Lord Abbett Dev Growth	24.55		Royce FD Micro-Cap	15.05
Merrill Basic Value	18.85		Scudder Development	10.80
MFS World Tot Return	13.49		Smith Barney Appreciation	13.09
New England Growth Opp	19.36		Stein Roe Capital Oppty	17.70
Oppenhmr Quest Small Cap	15.87		T Rowe Price Balanced	11.57
Phoenix Worldwide	15.28		Thompson Plumb Growth	16.58
Princor Bond	8.20		USAA Growth & Tax Strat	9.89
Stagecoach Disd Income	16.42		Vanguard Equity Income	17.00
United Contl Income	13.79		Vanguard Windsor	18.71
Victory OH Regional	18.24		Vontobel Intl Equity	11.56
Zweig SR TR Apprec	15.40		Weith Value	17.82

Significance Level (Alpha)

0.05

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. XEE Open spreadsheet a. Formulate Ho and H, 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. vo Ho: Mload - Mino-load H: Mload - Mono-load vo 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. Formula Part b After reading these instructions delete all tekt in this shaded area. Load Return 15.71 13.87 17.63 11.11 17.63 15.34 20.17 Use the XLMiner Analysis ToolPak to conduct your t-Test analysis. After deleting all text in this shaded area, set the output range in the ToolPak to the top left cell of this area (G2). 19.21 Mutual Funds - Load American National Growth Arch Small Cap Equity Bartlett Cap Basic Calvert World International Colonial Fund A Common Sense Growth Corefund Core Equity Davis Convert Seurities Deleware Small Cap Dreyfus Premium Value Federated Stocks & Bonds First Invest FD for Income Flag Inv Emerging Growth Fortis Equity Capital FPA Capital Franklin STR GLUT Gabelli Value Fund Mutual Funds - No Load Amana Income Fund Berger One Hundred Columbia 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 Return Your t-Test output should fit into this shaded area. 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 9.06 11.89 6.43 17.37 13.85 13.61 12.34 16.09 13.46 23.96 16.48 22.45 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 IDS New Dimensions John Hancock Growth & Income Lord Abbett Dev Growth Merrill Basic Value MFS World Tot Return New England Growth Opp Oppenhmr Quest Small Cap Phoenix Worldwide Princor Bond Stagecoach Disd Income United Conti Income Victory OH Regional Zweig SR TR Apprec 18.48 18.06 24.55 18.85 13.49 19.36 15.87 15.28 8.20 16.42 13.79 18.24 15.40 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 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. XEE Open spreadsheet a. Formulate Ho and H, 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. vo Ho: Mload - Mino-load H: Mload - Mono-load vo 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. Formula Part b After reading these instructions delete all tekt in this shaded area. Load Return 15.71 13.87 17.63 11.11 17.63 15.34 20.17 Use the XLMiner Analysis ToolPak to conduct your t-Test analysis. After deleting all text in this shaded area, set the output range in the ToolPak to the top left cell of this area (G2). 19.21 Mutual Funds - Load American National Growth Arch Small Cap Equity Bartlett Cap Basic Calvert World International Colonial Fund A Common Sense Growth Corefund Core Equity Davis Convert Seurities Deleware Small Cap Dreyfus Premium Value Federated Stocks & Bonds First Invest FD for Income Flag Inv Emerging Growth Fortis Equity Capital FPA Capital Franklin STR GLUT Gabelli Value Fund Mutual Funds - No Load Amana Income Fund Berger One Hundred Columbia 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 Return Your t-Test output should fit into this shaded area. 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 9.06 11.89 6.43 17.37 13.85 13.61 12.34 16.09 13.46 23.96 16.48 22.45 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 IDS New Dimensions John Hancock Growth & Income Lord Abbett Dev Growth Merrill Basic Value MFS World Tot Return New England Growth Opp Oppenhmr Quest Small Cap Phoenix Worldwide Princor Bond Stagecoach Disd Income United Conti Income Victory OH Regional Zweig SR TR Apprec 18.48 18.06 24.55 18.85 13.49 19.36 15.87 15.28 8.20 16.42 13.79 18.24 15.40 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