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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

5. A market analyst determines 61.3% of mid-cap funds available to be added to his clients portfolio outperformed their
S&P benchmarks over the past 3 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 12 funds, at least eight outperform their benchmarks?

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