Barry Swifter is 60 years of age and considering retirement. Barry's retirement portfolio currently is valued at $750,000 and is allocated in Treasury bills, an S&P 500 index fund, and an emerging market fund as follows:

Expected Return
Treasury bills	3.2%	98,000
S&P 500 Index Fund	6.9%	463,000
Emerging Market Fund	13.8%	189,000

.

Based on the current portfolio composition and the given expected rates of return, the expected rate of return for Barry's portfolio is

what%.

(Round to two decimal places.)

b.If Barry moves all his money out of emerging market funds and puts it in Treasury bills, the expected rate of return for his portfolio is

what%.

(Round to two decimal places.)