Assume the arithmetic mean returns in these series are normally distributed. Calculate the range of return that an investor would have expected to achieve 95 percent of the time from holding common stocks.
Investment Category Arithmetic Means Geometric Means Std. dev of Return
Common Stocks 10.28% 8.81% 16.90%
Treasury bills 3.54 3.49 3.2
Long-term government bonds 5.1 4.91 6.4
Long-term corporate bonds 5.95 5.65 9.6
Real estate 9.49 9.44 4.5