The accompanying table shows, for a random sample of 20 long-term-growth mutual funds, percentage return over a period of 12 months and total assets (in millions of pounds).

a. Calculate the Spearman rank correlation coefficient.
b. Carry out a nonparametric test of the null hypothesis of no association in the population against a two-sided alternative.
c. Discuss the advantages of a nonparametric test for these data.

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Return Assets 26.4 300 23.4 70 28.7 3004 24.5 161 25.5 827 19.9 295 17.3 29 Return Assets Return 17.5 421 11.5 16.7 99 14.9 18.8 756 8.4 17.9 730 6.2 12.7 436 9.3 12.3 143 3.7 14.3 117 Assets 75 610 264 27 71 719