You are preparing a report on an in-house investment fund (Blue Ocean Fund) for an interested client with $500,000 to invest. Assume the fund has had an average annual return of 11% and a standard deviation of 19%. You assume a normal distribution and answer the following questions from the potential investor.

1: What is the 5% VaR (Value at Risk) of this investment? 2: 95% of returns will fall between an upper and lower bound. What is the lower bound for this investment? 3: There is a 40% probability of seeing a return between x and 9%. What is x?