Hello Please type or print clearly and explain steps please! I will give thumbs up.

I have this problem mostly solved, I do not understand how to calculate N^-1 in the problem, or on calculator,

I am confused to solve it , please help me understand, thank you.

6 risk (credit nok, market rist, opercational rist) A Fund's rist appetite is such that it wants to be 90% certain that it will not lose more than 20% in performance of the S&P 5oo btwn 1970 and 2016 (Table 27,2) any one-yr. Using the 'Determine the Betal fund should have. Assume a risk-free rate of % annum, per mean annual return (11,74%) B R RE RM - RET N' (1-p you not lose more than 20% -0.2 RF = 0.03 RM = 0.1174, OM = 0.1886, p = 0.9 (90% certain) 2 Di Dev, of nual retard 18.86 -0.2 0.03 0.174 -0,03 + N(0.10.1886 B m -0,23 0.0874 + Ni(0.01886) B should equal 1:49