Suppose the returns on large-company stocks are normally distributed. Also suppose large-company stocks had an average return of 11.8% and a standard deviation of 20.3%. Use the NORMDIST function in Excel to answer the following question:

Required:

Determine the probability that in any given year you will lose money by investing in common stock. (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).)

Probability

%