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One hundred fund managers enter a contest to see how many times in 14 years they can earn a higher return than their competitors. The
One hundred fund managers enter a contest to see how many times in 14 years they can earn a higher return than their competitors. The probability distribution of the number of successful years out of 14 for the best-performing money managers is Winning Years 8 9 10 11 12 100 Managers in Contest 0 0 1.2 15 20 13 22 35 14 Mean winning years of best performer 11 Out of this sample, what is the probability that someone would beat the market at least 12 times out of 14 years
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