CAPM: The Capital Asset Pricing Model (CAPM) is a financial model that assumes returns on a portfolio are normally distributed. Suppose a portfolio has an average annual return of 14.3% (i.e. an average gain of 14.3%) with a standard deviation of 33%. A return of 0% means the value of the portfolio doesn't change, a negative return means that the portfolio loses money, and a positive return means that the portfolio gains money. Notice that the values of the variable here are expressed as percents, but you can think of them just as numbers for this problem, so you have a normal distribution with a mean of 14.3 and a standard deviation of 33. Provide your answers as a percent (12.34 not 0.1234) and round to two decimals. What percent of years does this portfolio lose money, i.e. have a return less than 0%? % What is the cutoff for the highest 15% of annual returns with this portfolio? % What percent of years will the portfolio have a return between 10% and 15%? % What percent of years will the portfolio have a return greater than 8%? %