1. You have used 555 monthly return of a stock market to calculated the mean and standard deviation. The monthly mean return is 0.4% and the standard deviation 5.9. Calculate the lower boundary of the returns distribution (based on normality) for the 5%, 2.5% and 1% left tail. How many observations do you expect to fall into these lower tails? Suppose you count 28, 15 and 6 observations to fall into the 5%, 2.5% and 1% left tail respectively, what would you conclude regarding your stock market returns complying to normality?