Suppose the returns on an asset are normally distributed. The historical average annual return for the asset was 6 percent and the standard deviation was 18.5 percent. What is the probability that your return on this asset will be less than 8.9 percent in a given year? Use the NORMDIST function in Excel to answer this question. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Probability _____

%

What range of returns would you expect to see 95 percent of the time? (Enter your answers for the range from lowest to highest. Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

95% level

____%

to ______

%

What range would you expect to see 99 percent of the time? (Enter your answers for the range from lowest to highest. Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

99% level

% ____

to _____

%