Suppose the returns on long-term corporate bonds and T-bills are normally distributed. Assume for a certain time period, long-term corporate bonds had an average return of 6.8% and a standard deviation of 9.8%. For the same period, T-bills had an average return of 5.3% and a standard deviation of 4%. Use the NORMDIST function in Excel® to answer the following questions: a. What is the probability that in any given year, the return on long-term corporate bonds will be greater than 10 percent? Less than 0 percent? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Probability of return greater than 10 percent 37.07 % Probability of return less than 0 percent % b. What is the probability that in any given year, the return on T-bills will be greater than 10 percent? Less than 0 percent? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Probability of T-bill return greater than 10 percent 12.65 % Probability of T-bill return less than 0 percent 10.78 % c. In one year, the return on long-term corporate bonds was −5.5 percent. How likely is it that such a low return will recur at some point in the future? T-bills had a return of 11.82 percent in this same year. How likely is it that such a high return on T-bills will recur at some point in the future? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Probability of return on long-term corporate bonds less than –5.5 percent % Probability of T-bill return greater than 11.82 percent %