4. (2 points) (Kurtosis) Under the assumption that returns are Normally distributed, the sample excess kurtosis, from a sample of size n, will be normally distributed with mean 0 and variance 24 (standard error = V(24)). a) (1 point) Using this information, construct a 99% confidence interval for the sample excess kurtosis for your daily and monthly returns of your data set from PS1 Q2. b) (1 point) Does your estimate of excess kurtosis appear in this confidence interval? What do you conclude about your assumption that returns are normally distributed?Data Daily Returns N 1992 Mean 0. 027% Sample St Dev 1. 514% Median 0. 028% Skewness -0. 2793 Excess Kurtosis 5. 0587 10th bile -1. 591% 25th bile -0. 631% 75th bile 0. 715% 90th bile 1. 713% Median - 10th 1. 619% 90th - Median 1. 686% Median - 25th 0. 659% 75th - Median 0. 687% b) Comments : The skewness longer tail and the main The mean and median are a there are more negative r Monthly Returns N 239 Mean 0. 650% Sample St Dev 7. 404% Median 0. 639% Skewness -0. 1203 Excess Kurtosis 1. 8152 10th bile -7. 078% 25th bile -3. 600% 75th bile 4. 509% 90th bile 9. 658% Median - 10th 7. 717% 90th - Median 9. 019% Median - 25th 4. 239% 75th - Median 3. 871%a) Daily Lower level Upper level Comments/calculation: Kurtosis estimate from data 5. 0587 Standard error 0. 069337525 Z value Monthly Lower level Upper level Kurtosis estimate from data 1. 8152 Standard error Z value b ) Daily Reject/Not reject Comments/calculation: Monthly Reject/Not reject