The follow ing are the closing stock prices for a pharmaceutical firm over the past tw o weeks.

Day 1 2 3 4 5 6 7 8 9 10 Price($) 61.22 60.99 61.91 61.59 61.76 61.91 61.30 61.37 61.95 62.82

a. Specify the competing hypotheses in order to determine whether the median stock price is greater than $61.25.

b. Calculate the value of the Wilcoxon signed-rank test statistic T. Do not assume that the sampling distribution of T is normally distributed.

c. At the 5% significance level, what is the decision rule?

d. Is the median stock price greater than $61.25? Explain.