27. The following frequency distribution shows the distribution of monthly returns for Starbucks Corp. for the years 2003 through 2007.

Class (in percent) Observed Frequency Less than − 5 14

− 5 up to 0 9 0 up to 5 18 5 up to 10 11 10 or more 8 n = 60 Source: www.yahoo.finance.com.

Over this time period, the following summary statistics are provided:

Mean Median Standard Deviation Skewness Kurtosis 1.16% 1.79% 7.38% -0.31 -0 .6 5

a. Conduct a goodness-of-fit test for normality at the 5% significance level. Can you conclude tha t monthly returns do not follow the normal distribution?

b. Conduct the Jarque-Bera test at the 5% significance level. Can you conclude that monthly returns do not follow the normal distribution?