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A portfolio manager wants to invest in a portfolio that has an expected return of 15% and a standard deviation of 20%. The manager wants

A portfolio manager wants to invest in a portfolio that has an expected return of 15% and a standard deviation of 20%. The manager wants to limit the probability of losing more than 10% of the portfolio value in any given year to no more than 5%. What is the maximum portfolio value that the manager can invest?

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