Assume that $2,000$ mutual fund managers try to earn portfolio returns that beat the $S$&$P$

$500$ each year over a $8-$year period. About how many of the managers would you expect

to beat the S&P $500$ in all $8$ years based purely on luck?

A$)1$ or $2$

B$)7$ or $8$

C$)10$ or $11$

D$)15$ or $16$

E$)$ About half of the managers