Assume the equity risk premium is normally distributed with population mean = 6% and standard deviation = 18%. Over the last four years, equity returns have averaged -2%. A large client insists such poor returns should never happen. Is the client correct? (i) Construct a 95% confidence interval around the population mean for a sample of four-year returns (15 marks) (ii) What is the probability of a 2% or lower average return over a four-year period? (10 marks)