A random sample of sixty-five mutual funds whose performance ranked in the top 25% of all funds in 1979 83 was selected. Their performance was observed over the next five years. In this later period, eleven of the sample funds ranked in the top 25% of all funds, seventeen in the second 25%, eighteen in the third 25%, and nineteen in the bottom 25%. Test the null hypothesis that a randomly chosen top 25% fund from 1979-83 is equally likely to fall into each of the four possible categories (performance quartiles) over the fol lowing five years.