1) Your client holds 125% of her wealth in an index fund that tracks the S&P 500, which has expected return & risk of 11% & 21% respectively. The risk-free rate = 3.2%. What is the client's risk aversion?

As stated above, the client holds 125% of her wealth in the S&P 500 index fund. Explain how that can be accomplished. What is the clients allocation to T-Bills? (I am confused on what formula to use. Thank you)