• A return series has an arithmetic mean of 12.8% and standard deviation of 7.8%. Assuming the returns are normally distributed what is the range of returns that an investor would expect to receive 90% of the time?

• • 12.8% to 20.6%

    
    

  • 10.6% to 36.2%

    
    

  • 2.8% to 28.4%

    
    

  • 10.6% to 36.2%