Finance Basics After reading your report in on mutual funds, your manager was interested of conducting further analysis. He wanted you to write a separate report answering following questions: 1. Many investors believe that returns on funds with no fees are lower than return on funds with fees. Test this claim at 5 per cent significance level, in terms of 2013 return, 3-year return and 5-year return. 2. Many investors believe that expense ratio of funds with no fees are lower than expense ratio of funds with fees. Test this claim at 5 per cent significance level. 3. How did the different types of mutual funds in database as categorised by their type (small cap, mid cap, large cap) perform during 2013, the three-year period from 2011-2013 and the five-year period from 2009-2013? Answer these questions and summarise your results in a formal report. 2500 words. 12 references.