The Capital Asset Pricing Model is a financial model that assumes returns on a portfolio are normally distributed. Suppose a portfolio has an average annual return of 12.9% (i. e. an average gain of 12.9%) with a standard deviation of 22%. A return of 0% means the value of the portfolio doesn't change, a negative return means that the portfolio loses money, and a positive return means that the portfolio gains money.

(a) What percent of years does this portfolio lose money, i. e. have a return less than 0%
(b) What is the cutoff for the highest 15% of annual returns with this portfolio