Monthly returns since 1950 of the S&P 500 are approximately normally distributed with an approximate average of0.96% and a monthly standard deviation of 3.56%. Answer the following questions given this information. Use the Empirical Rule taught in lecture.

a) (2 pts) What is the upper and lower bounds of the range of monthly returns for the middle 68% of returns? Show your work. Use 2 decimals.

b) (2 pts) What's the cutoff for the upper 0.15% of monthly returns? Show your work. Use 2 decimals.

c) (2 pts) What's the cutoff for the lower 2.5% of monthly returns? Show your work. Use 2 decimals.

d) (2 pts) What percent of monthly returns fall between -2.6% and 8.08%? Show your work. Use 2 decimals.