Question: Mutual funds reported strong earnings in the first quarter of 2006. Especially strong growth occurred in mutual funds consisting of companies focusing on Latin America. This population of mutual funds earned a mean return of 15.9% in the first quarter (M. Skala, Banking on the World, Christian Science Monitor, www.csmonitor.com, April 10, 2006.) Assume that the returns for the Latin America mutual funds were distributed as a normal random variable, with a mean of 15.9 and a standard deviation of 20. If you selected a random sample of 10 funds from this population, what is the probability that the sample would have a mean return
a. less than 0 that is, a loss?
b. between 0 and 6?
c. greater than 10?