A financial analyst maintains that the risk, measured by the variance, of investing in emerging markets is more than 280 % on 20 stocks from emerging markets revealed the following sample results: X = 12.1 (%) and s2 = 361 (%). Assume that the returns are normally distributed.

a. specify the competing hypotheses to test the analysts' claim.

b. At alpha = 0.01, specify the critical value (s)

c. What is the value of the test statistic?

d. Is the financial analysts' claim supported by the data ?