3.8 CAPM: The Capital Asset Pricing Model (CAPM) is a financial model that assumes returns on a portfolio are normally distributed. Suppose a portfolio has an average annual return of 15.1% (i.e. an aVerage gain of 15.1%) with a standard deviation of 32.6%. A return of 0% means the value of the portfolio doesn't change, a negative return means that the portfolio loses money, and a positive return means that the portfolio gains money. (Keep one decimal place.) a) What percent yea'rsvdoes this portfolio lose money, ie. have a return less than 0%? l 1 r b) What is the cutoff for the highest 15% of annual returns with this portfolio