Claire Redfield has just inherited $100,000 from her late great Aunt, which she plans to invest (she has no other assets). She is trying to decide how to split the money between shares, bonds, and bills. Bills are risk-free, and earn a return of 3.5%. Bonds and shares are both risky, with the following characteristics: Security Expected return Volatility Shares 9.9% 18.5% Bonds 5.4% 9.6% The correlation between share and bond returns is 0.3. (a) What is the holding of shares in the tangency portfolio? (b) What is the expected return of the tangency portfolio? (c) What is the volatility of the tangency portfolio? (d) If Claire has a risk aversion (A) of 4, how much money should she invest in bills?