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 14.7% (i.e., an average gain on 14.7%) with a standard deviation of 33%. 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. Determine the following:

1. What percentage of years does this portfolio lose money, (i.e. have a return less than 0%)?
2. What is the cutoff for the highest 15% of annual returns with this portfolio?

See CAPM here https://en.wikipedia.org/wiki/Capital_asset_pricing_model