Consider historical data showing that the average annual rate of return on the S&P 500 portfolio over the past 85 years has averaged roughly 8% more than the Treasury bill return and that the S&P 500 standard deviation has been about 27% per year. Assume these values are representative of investors' expectations for future performance and that the current T-bill rate is 3%.

Calculate the expected return and variance of portfolios invested in T-bills and the S&P 500 index with weights as shown below.

Note: Round your "Expected Return" answers to 2 decimal places and "Variance" answers to 4 decimal places.