(a) We consider an investment problem with 1 riskfree asset (with return rf) and N risky assets (N > 3). We let Wp,w, be any two portfolios lies on frontier curve. Show that any portfolio w on the frontier curve can be expressed as W = Bwp + (1 - Bwo, where is some real number. (*Note: This theorem can be regarded as two-fund theorem..) (b) We consider an investment problem with 1 riskfree asset and N risky assets (N > 3). The following table shows the expected return and variance of portfolio return of 4 portfolios: Expected return Variance of return Portfolio A (WA) 0.04 (0.18) Portfolio B (W ) 0.06 (0.05) Portfolio C(w) 0.1 (0.15)2 Portfolio D (W ) 0.12 (0.3)2 You are also given that - the return rate of riskfree asset is ry = 0.07 and - at least one of the portfolios is efficient. Find the minimum variance portfolio with expected return at least 0.11. Express your answer in terms of W, (riskfree asset) and WA Wg, c . (a) We consider an investment problem with 1 riskfree asset (with return rf) and N risky assets (N > 3). We let Wp,w, be any two portfolios lies on frontier curve. Show that any portfolio w on the frontier curve can be expressed as W = Bwp + (1 - Bwo, where is some real number. (*Note: This theorem can be regarded as two-fund theorem..) (b) We consider an investment problem with 1 riskfree asset and N risky assets (N > 3). The following table shows the expected return and variance of portfolio return of 4 portfolios: Expected return Variance of return Portfolio A (WA) 0.04 (0.18) Portfolio B (W ) 0.06 (0.05) Portfolio C(w) 0.1 (0.15)2 Portfolio D (W ) 0.12 (0.3)2 You are also given that - the return rate of riskfree asset is ry = 0.07 and - at least one of the portfolios is efficient. Find the minimum variance portfolio with expected return at least 0.11. Express your answer in terms of W, (riskfree asset) and WA Wg, c