In a perfectly efficient market, an activestrategy mutual fund that charges a 1% fee has about a 48.6% 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 11 years?

In other words, the fund would fail to beat the benchmark in one of the 11 years.

Enter answer accurate to two decimal places.