Please solve and show your work.

Please include formula and how you got to the answer.

Please explain reasoning.

4. During a 12-year period, the standard deviation of annual returns on a portfolio you are analyzing was 14 percent a year. You want to see whether this record is sufficient evidence to support the conclusion that the portfolio's underlying variance of return was less than 324, the return variance of the portfolio's benchmark. A) Formulate null and alternative hypotheses consistent with the verbal description of your objective. B) Determine whether or not the null hypothesis is rejected at 0.05 significance level