In a perfectly efficient market, an active strategy mutual fund that charges a 1% fee has about a 47% chance of beating the index net of fee (and thus 53% chance of failing to do so). In a universe of 5,000 funds, how many funds would you expect to beat the index all but once out of the past 10 years?
In other words, the fund would fail to beat the benchmark in one of the 10 years.
Enter answer accurate to two decimal places.