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Returns on large cap stocks have a historical standard deviation of 22%. Assume that the risk-free rate is 3% (continuously compounded). Part 1 What is

Returns on large cap stocks have a historical standard deviation of 22%. Assume that the risk-free rate is 3% (continuously compounded).

Part 1 What is a fair annual fee to a perfect annual market timer? Enter your answer as a decimal number or with the percentage sign.

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