The Capital Asset Pricing Model (CAPM) is a financial model that assumes returns on a portfolio are normally distributed. Suppose a portfolio has an average annual return of 11.5% (i.e., an average gain of 11.5% ) with a standard deviation of 31%. A return of 0% means the value of the portfolio doesn't change, a negative return means that the portfolio loses money, and a positive return means that the portfolio gains money. (Round your answers to two decimal places.) (a) What percent of years does this portfolio lose money, l.e., have a return less than 0% ? % (b) What is the cutoff for the highest 15% of annual returns with this portfolio? %