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In a perfectly efficient market, an active strategy mutual fund that charges a 1% fee has about a 47% chance of beating the index net

In a perfectly efficient market, an active strategy mutual fund that charges a 1% fee has about a 47% chance of beating the index net of fee. In a universe of 5,000 funds, how many funds would you expect to beat the index all but once out of the past 9 years? In other words, the fund would fail to beat the benchmark in one of the 9 years. Enter answer accurate to two decimal places.

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