For the second investment opportunity in Country B,the expected return on the market portfolio is 20%,and the riskless rate is 10%.XYZ gold mining has a beta of -0.2.

c. What is the expected return on a short sale of 100 shares ofXYZ,assuming Brigand uses the proceeds of the short sale and invests in the risk-free asset?What if Brigand uses the proceeds of the short sale and invests in the market portfolio? What is the expected return if Brigand can't invest the proceeds of the short sale?