Investment advisors agree that near-retirees, defined as people aged 55 to 65, should have balanced portfolios. Most advisors suggest that the near-retirees have no more than 50% of their investments...

Investment advisors agree that near-retirees, defined as people aged 55 to 65, should have balanced portfolios. Most advisors suggest that the near-retirees have no more than 50% of their investments in stocks. However, during the huge decline in the stock market in 2008, 15% of near-retirees had 90% or more of their investments in stocks (P. Regnier, “What I Learned from the Crash,” Money, May 2009, p. 114). Suppose you have a random sample of 12 people who would have been labeled as near-retirees in 2008. What is the probability that during 2008: