A recent book noted that only 22% of investment managers outperform the standard indexes, such as the Dow Jones Industrial Average or the NASDAQ, over a five-year period. A sample of 400 investment managers who had graduated from one of the top 10 business programs in the country were followed over a five-year period. A total of 110 of these outperformed the Dow Jones Industrial Average. Let p represent the probability that a random investment manager who graduated from one of the top 10 business programs will outperform the Dow Jones over a five-year period. Suppose you wished to see if there is evidence that graduates of one of the top business programs perform better than other investment managers. a. What is the null and alternative hypothesis? b. What is the proper test statistic and its value? c. For a significance level of 5%, what is the cut-off value for this test? d. Find the p-value. e. What do you conclude?