1. Portfolio Return. At the beginning of 2019, you invested $20,000 in Stock M, trading at $20 per share. The stock earned a return of 14% in 2019, 20% in 2020, -8% in 2021. Assume the risk-free rate is 3% per year. What was the holding period return from start of 2019 to end of 2021 if you had formed the following portfolios: (a) Buy 500 shares of Stock M, invest remainder at the risk-free rate: (b) Buy 2,000 shares of Stock M on margin, borrowing at the risk-free rate: (c) Short-sell 1,000 shares of Stock M, invest remainder at the risk free rate