a. Assuming that the market's risk (standard deviation) is 20%, find the beta for the following assets: - A short-term US Treasury bill - Gold, which has a standard deviation equal to the market's standard deviation but no association with it. - A new emerging market that is not currently included in the definition of "market"the emerging market's standard deviation is 50%, and its correlation with the market is -0.15. - An initial public offering or new issue of stock with a standard deviation of 35% and a correlation with the market of 0.6. (IPOs are usually very risky but have a relatively low correlation with the market)

b)Assume that an investor puts 10% of her money in T-bills, 20% in gold, 30% in developing markets, and the remainder in an IPO. Calculate the investor's portfolio's expected return if the projected market return is 13% and the risk-free rate is 4%.