Imagine you are a provider of portfolio insurance. You are establishing a four-year program. The portfolio you manage is currently worth $180 million, and you promise to provide a minimum return of 0%. The equity portfolio has a standard deviation of 25% per year, and T-bills pay 4% per year. Assume for simplicity that the portfolio pays no dividends (or that all dividends are reinvested). a-1. What percentage of the portfolio should be placed in bills? (Input the value as a positive value. Round your answer to 2 decimal places.) Portfolio in bills % a-2. What percentage of the portfolio should be placed in equity? (Input the value as a positive value. Round your answer to 2 decimal places.) Portfolio in equity % b-1. Calculate the put delta and the amount held in bills if the stock portfolio falls by 3% on the first day of trading, before the hedge is in place? (Input the value as a positive value. Do not round intermediate calculations. Round your answers to 2 decimal places.) Put delta Amount held in bills million b-2. What action should the manager take? (Enter your answer in millions rounded to 2 decimal places.) The manager must buysell (buy or sell )$ million of (Click to select)billsequity (bills or equity) and use the proceeds to (Click to select)sellbuy (sell or buy)(Click to select)billsequity(bills or equity)