Exercise $5-51$ Static

The historical returns on a balanced portfolio have had an average return of $8\%$ and a standard deviation of $12\%.$ Assume that returns

on this portfolio follow a normal distribution.

a$.$ What percentage of returns were greater than $20\%?$

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.

Percentage of returns

$\%$

b$.$ What percentage of returns were below $-16\%?$

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.

Percentage of returns

$\%$