Suppose that the annual return for a particular stock follows the same distribution every year, and that the return for any given year is independent of the returns for any prior years. You are given that the stock's average annual return of a 35 year period was 15%, and that the stock's volatility over that period was 32%. Calculate the upper bound of the 95% confidence interval for the stock's expected annual return. Use the approximation formula from Berk and DeMarzo. 25.82% 23.49% 25.04% 22.72% 24.27%