Reconsider the accompanying sample data on expense ratio

(%) for large-cap growth mutual funds first introduced in Exercise 1.53 A normal probability plot shows a reasonably linear pattern.

a. Is there compelling evidence for concluding that the population mean expense ratio exceeds 1%? Carry out a test of the relevant hypotheses using a significance level of .01.

b. Referring back to (a), describe in context type I and II errors and say which error you might have made in reaching your conclusion. The source from which the data was obtained reported that for the population of all 762 such funds. So did you actually commit an error in reaching your conclusion?

c. Supposing that , determine and interpret the power of the test in

(a) for the actual value of m stated in (b).