Consider a population of 583 mutual funds that primarily invest in large companies. You have determined that , the mean one-year total percentage return achieved by all the funds, is 6.31 and , the standard deviation, is 1.95.

a. According to the empirical rule, what percentage of these funds is expected to be within 1, 2, and 3 standard deviations of the mean assuming the population is normally distributed?

b. According to the Chebyshev rule, what percentage of these funds are expected to be within 2 and 3 standard deviations of the mean?