According to Investment Digest the arithmetic mean of the a.pdf

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The document discusses annual returns on common stocks over an 85-year period. The average annual return was 8% but the variance was not provided. It was noted that 7% of annual returns were below 9%. Assuming the returns followed a normal distribution, the question asks for the return value where 75% of annual returns would be lower than.

According to Investment Digest, the arithmetic mean of the annual return for common stocks over
an 85-year period was 8%, but the value of the variance was not mentioned. We do know that 7%
of the annual returns were below 9%. Assume that this distribution is normal. 75% of the annual
returns will be lower than what value? (The answer is the return expressed as a percentage; keep
three decimal places)

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