Question 1 Your company is concerned about a possible slowdown in payments from its customers as measured by number of days in receivables . It has maintained an average of 45 days in receivables. It would be too costly to frequently analyze all receivables so samples are drawn to track customers' payment rates. A random sample of 50 accounts shows a mean number of days in receivables of 49 with a standard deviation of 8 days. a) Formulate null (H0) and alternate (Ha) hypotheses consistent with determining whether the evidence supports the suspected condition that customer payments have slowed. b) What test statistic would be appropriate for testing the hypothesis? c) Identify the rejection pointlpoints for the hypothesis at the 0.05 and 0.01 levels of significance. d) Should the null hypothesis be rejected or not at these levels of significance? Question 2 A firm's net income averaged $30 millionlyear with a standard deviation of $10 million (n=6 observations). Management claims this recent performance results from new approaches and that profitability expectations averaging $24 million/year from previous cycles can be dismissed. a) With p as population mean annual net income, formulate null and alternative hypotheses consistent with testing management's claims. b) Assuming the firm's net income is at least approximately normally distributed, identify the appropriate test statistic. c) Identify the rejection point or points at the 0.05 level of significance for the hypothesis tested in (a) above. d) Should we reject the null hypothesis at the 0.05 level of signicance? Question 3 You are analyzing a mutual fund which has had a mean monthly return of 1.5% and SD of 3.6% over the last 24 months. Given its risk, you feel it should have returned 1.10% over the period. Assuming returns are normally distributed, are the actual results consistent with a population mean monthly return of 1.10%