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The standard deviation of returns on Japanese stocks is 16.81%. The average return is 12.73%. Assume that the frequency distribution of returns is essentially normal.

The standard deviation of returns on Japanese stocks is 16.81%. The average return is 12.73%. Assume that the frequency distribution of returns is essentially normal. Then the lower limit of 95%

confidence interval of returns on Japanese stocks is

A. 0%

B. 4.08%

C. -20.89%

D. 37.70%

E. -6.05%

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