What is the probability of observing an average annual


A portfolio's annual returns are normally distributed with a mean of 9 % and a standard deviation of 20 %. Over the past 6 years, you observe an average annual return of -4 %. What is the probability of observing an average annual return over 6 years of -4 % or less?

Enter answer in percents, accurate to 2 decimal places.

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Financial Management: What is the probability of observing an average annual
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