There are 10,000 mutual fund managers. 22 claim that they are the best, since their fund beat the relevant index every year for 7 years. However, you think that markets are efficient and that the average fund manager is as likely to deliver a better performance than the index as to underperform the index, before fees. Part 1 | Attempt 1/10 for 10 pts. What is the probability that the average single fund managers beats the index 7 years in a row (before fees)?