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You are tracking a population of 1,000 mutual funds. You observe that in the first year, 512 funds beat their benchmark return. In the second

You are tracking a population of 1,000 mutual funds. You observe that in the first year, 512 funds beat their benchmark return. In the second year, 438 funds beat their benchmark return, of which 203 also beat their benchmark the previous year.

Based on this information, what is P(beat benchmark in year 2 | beat benchmark in year 1) ?

Enter answer in percents, accurate to two decimal places.

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