The quarterly returns for a group of 51 mutual funds are well modeled by a Normal model with a mean of 7.4% and a standard deviation of 3.4%. Use the 68-95-99.7 Rule to find the cutoff values that would separate the following percentages of funds, rather than using technology to find the exact values. a) the highest 50% b) the highest 16% c) the lowest 2.5% d) the middle 68% a) Select the correct choice and fill in any answer boxes in your choice below. (Round to one decimal place as needed.) A. xless than or equals 50% B. xgreater than or equals nothing% C. nothing%less than or equalsxless than or equals nothing% b) Select the correct choice and fill in any answer boxes in your choice below. (Round to one decimal place as needed.) A. xgreater than or equals nothing% B. xless than or equals nothing% C. nothing%less than or equalsxless than or equals nothing% c) Select the correct choice and fill in any answer boxes in your choice below. (Round to one decimal place as needed.) A. xless than or equals nothing% B. xgreater than or equals nothing% C. nothing%less than or equalsxless than or equals nothing% d) Select the correct choice and fill in any answer boxes in your choice below. (Round to one decimal place as needed.)

68% of data will fall within 1 standard deviation of the mean; 95% of data will fall within 2 standard deviations of the mean; and 99.7% of data will fall within 3 standard deviations of the mean.

Breaking this down, we find that 34% of data fall from the mean to 1 standard deviation above the mean; 13.5% of data fall from 1 standard deviation above the mean to 2 standard deviations above the mean; 2.35% of data fall from 2 standard deviations above the mean to 3 standard deviations above the mean; and 0.15% of data fall above 3 standard deviations above the mean.

The same percentages apply to the standard deviations below the mean.

The highest 50% of data will fall from the mean to the end of the right tail. This means the inequality for the highest 50% will be x ≥ 0.074, the mean.

The highest 16% of data will fall from 1 standard deviation above the mean to the end of the right tail. This means the inequality for the highest 16% will be x ≥ 0.074+0.034, or x ≥ 0.108.

The lowest 2.5% of data will fall from 2 standard deviations below the mean to the end of the left tail. This means the inequality for the lowest 2.5% will be x ≤ 0.074-0.034-0.034, or x ≤ 0.066.

The middle 68% will fall from 1 standard deviation below the mean to 1 standard deviation above the mean; this means the inequality for the middle 68% will be

0.074-0.034 ≤ x ≤ 0.074+0.034, or

0.04 ≤ x ≤ 0.108