Assume you are an investor based in New Zealand. For each scenario below, draw a labelled graph of the Security Market Line $($SML$)$ and show graphically the effects of the corresponding changes on the SML $($one graph for each scenario$).$ You do not need to make any assumptions in drawing graphs regarding risk free rate, inflation rate, market return, etc. Explain your answers.

a$)$ The expected long$-$run growth rate of the New Zealand economy increases by $1\%($estimated from Statista $(2024))$;

b$)$ The expected rate of inflation decreases by $1\%($estimated from Trading economics $(2024))$;

c$)$ The yield spread between Bbb corporate bonds and Aaa corporate bonds decreases from $60$ basis points to $30$ basis points $($estimated from Interest $(2024))$; and

d$)$ The Economic Policy Uncertainty Index of New Zealand has dropped from $142$ to $120($estimated from Policy uncertainty $(2024)).$