According to the chief economist of a major bank, the annual appreciation (in %) of a residential property is normally distributed with a mean equal to the annual real estate inflation rate and a standard deviation of 5%. Note also that a negative value for residential value appreciation represents depreciation. Let's assume that the annual real estate inflation rate is 9%.

What percentage of residential properties will appreciate by more than 15%?

• 17,97%
• 13,94%
• 11,51%
• 4,01%
• 1,22%