Study the information provided below and answer the following questions. An equity analyst recommended to you five companies listed on the Johannesburg Stock Exchange (JSE) to be included in a prospective investment portfolio. Each of the companies operates in one of five sectors, namely: Investec Plc (Financials), PPC Limited (Industrials), Tiger Brands Limited (Consumer goods), BHP Group Limited (Basic Materials), and MTN Group Limited (Telecommunications). The analyst made available the annualised returns of the stocks of each of the five companies over the 2010 2022 financial years as shown in the Table 2 below: Table 2: Annualised returns of the stocks of five companies over the 2010 2022 financial years Year Investec Plc PPC Limited Tiger Brands Limited BHP Group Limited MTN Group Limited Financials sector Industrials sector Consumer goods sector Basic Materials sector Telecommunications sector 2010 15% 12% 16% 17% 14% 2011 13% 10% 15% 18% 16% 2012 14% 13% 13% 13% 14% 2013 11% 14% 11% 14% 13% 2014 15% 15% 13% 14% 15% 2015 17% 15% 14% 10% 19% 2016 18% 14% 15% 13% 22% 2017 18% 14% 13% 14% 20% 2018 16% 13% 14% 12% 17% 2019 15% 11% 15% 14% 13% 2020 12% 9% 11% 10% 10% 2021 11% 7% 8% 7% 9% 2022 9% 7% 7% 6% 7% The equity analyst undertook a quantitative analysis of the annualised returns of the stocks with the aim of determining whether the performance of the stocks over the 2010-2022 period was significantly different across the five companies. At the end of the analysis, the worst performing stock was to be replaced with another stock from the same sector as the replaced stock. The analyst used IBM SPSS Statistics version 27 to analyse the data. In the preliminary phase of the data analysis, the analyst established that parametric assumptions were met and in the subsequent analysis, the output depicted in Figure 2.1 to Figure 2.4 below was generated. Figure 2.1: Descriptives Performance N Mean Std. Deviation Std. Error 95% Confidence Interval for Mean Minimum Maximum Lower Bound Upper Bound Investec 13 14.15 2.824 .783 12.45 15.86 9 18 PPC 13 11.85 2.824 .783 10.14 13.55 7 15 Tiger Brands 13 12.69 2.750 .763 11.03 14.35 7 16 BHP Group 13 12.46 3.479 .965 10.36 14.56 6 18 MTN Group 13 14.54 4.352 1.207 11.91 17.17 7 22 Total 65 13.14 3.363 .417 12.31 13.97 6 22 Figure 2.2: ANOVA Performance Sum of Squares df Mean Square F Sig. Between Groups 69.138 4 17.285 1.584 .190 Within Groups 654.615 60 10.910 Total 723.754 64 Figure 2.3: Multiple Comparisons Dependent Variable: Performance Tukey HSD (I) Company (J) Company Mean Difference (I-J) Std. Error Sig. 95% Confidence Interval Lower Bound Upper Bound Investec PPC 2.308 1.296 .394 -1.34 5.95 Tiger Brands 1.462 1.296 .791 -2.18 5.11 BHP Group 1.692 1.296 .688 -1.95 5.34 MTN Group -.385 1.296 .998 -4.03 3.26 PPC Investec -2.308 1.296 .394 -5.95 1.34 Tiger Brands -.846 1.296 .965 -4.49 2.80 BHP Group -.615 1.296 .989 -4.26 3.03 MTN Group -2.692 1.296 .243 -6.34 .95 Tiger Brands Investec -1.462 1.296 .791 -5.11 2.18 PPC .846 1.296 .965 -2.80 4.49 BHP Group .231 1.296 1.000 -3.41 3.87 MTN Group -1.846 1.296 .614 -5.49 1.80 BHP Group Investec -1.692 1.296 .688 -5.34 1.95 PPC .615 1.296 .989 -3.03 4.26 Tiger Brands -.231 1.296 1.000 -3.87 3.41 MTN Group -2.077 1.296 .501 -5.72 1.57 MTN Group Investec .385 1.296 .998 -3.26 4.03 PPC 2.692 1.296 .243 -.95 6.34 Tiger Brands 1.846 1.296 .614 -1.80 5.49 BHP Group 2.077 1.296 .501 -1.57 5.72 Figure 2.4: Performance Tukey HSDa Company N Subset for alpha = 0.05 1 PPC 13 11.85 BHP Group 13 12.46 Tiger Brands 13 12.69 Investec 13 14.15 MTN Group 13 14.54 Sig. .243 Means for groups in homogeneous subsets are displayed. a. Uses Harmonic Mean Sample Size = 13.000. REQUIRED: 2.1 Based on the background information provided above, specify the independent variables (IV) and dependent variable (DV) of the investigation, and state their respective levels of measurement. (4 marks) 2.2 Formulate the null and alternative hypotheses for the investigation. (2 marks) 2.3 The validity of the parametric analysis is dependent upon three main assumptions that must be made of the data that if not met will lead to an inflation of Type I error rates and a reduction in power. According to the background information: In the preliminary phase of the data analysis, the analyst established that parametric assumptions were met Critically discuss the three main parametric assumptions that were assessed by the analyst and how they were assessed. (4 marks) 2.4 Based on the output, specify the TWO statistical tests employed in the data analysis and discuss whether or not both are necessary for the investigation. (4 marks) 2.5 Provide a comprehensive interpretation of the output and highlight the primary finding from the investigation