Exhibit 12

Multiple Choice

Exhibit 12.3 A fund manager wants to know if it equally likely that the Dow Jones Industrial average will go up each day of the week.For each day of the week,the fund manager observes the following number of days when the Dow Jones Industrial average goes up. Refer to Exhibit 12.3.At the 5% significance level,the critical value is:

A) 7.779
B) 9.488
C) 11.143
D) 13.277