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5 . A market analyst determines 6 1 . 3 % of mid - cap funds available to be added to his client s portfolio
A market analyst determines of midcap funds available to be added to his clients portfolio outperformed their
S&P benchmarks over the past years.
a When choosing funds at random, what is the likelihood the first fund to outperform its benchmark happens in less
than six tries?
b What is the likelihood in a random group if funds, at least eight outperform their benchmarks?
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