$**$ Please answer the question accurately showing step$-$by$-$step solution by hand.

NO EXCEL allowed.

P$.$S$.$: Use the appropriate Statistical tables if needed. $**$

Analysts covering WML$\text{'}$s stock believe that recent leadership changes $($the Event$)$ had a material impact on stock returns.

Using $100$ trading days before the Event they generate the following results to use as a prediction model:

Daily Results

The market return on the Event day was $5\mathrm{.}00\%$ while WML$\text{'}$s return was $8\mathrm{.}00\%.$ Is the Event significant at the $95\%$

confidence interval?