) Given the information provided in the descriptive statistics below, annualize the mean and standard deviation MSFT, AAPL, BRK, and the S&P. Does there appear to be an efficient relationship between the three companies and the S&P? What can you infer about the third and fourth moments of the distribution? Using the annualized data, what are the possible returns with in an 95% probability.

MSFT. AAPL BRK S&P

Mean 0.015409. 0.035251. 0.011462. 0.013039

Standard Error 0.008796 0.009905 0.006527 0.005905

Standard Deviation 0.068136 0.076724 0.05056 0.045743

Sample Variance 0.004642 0.005887 0.002556 0.002092

Kurtosis -0.29903 -0.13209 0.892737 0.247003

Skewness -0.11313 0.073058 0.368656 -0.50615

Count 60 60 60 60