Refer the table below on the average risk premium of the S&P 500 over T-bills and the standard deviation of that risk premium. Suppose that the S&P 500 is your risky portfolio. Period 19262015 19922015 19701991 19481969 19261947 Average Annual Returns S&P 500 1-Month Portfolio T-Bills 11.77 3.47 10.79 2.66 12.87 7.54 14.14 2.70 9.25 0.91 S&P 500 Portfolio Risk Standard Premium Deviation 8.30 20.59 8.13 18.29 5.33 18.20 11.44 17.67 8.33 27.99 Sharpe Ratio 0.40 0.44 0.29 0.65 0.30 a. If your risk-aversion coefficient is A= 3.8 and you believe that the entire 19262015 period is representative of future expected performance, what fraction of your portfolio should be allocated to T-bills and what fraction to equity? Assume your utility function is U = ED) - 0.5 ~ Ao4. (Do not round intermediate calculations. Round your answers to 2 decimal places.) T-bills Equity b. If your risk-aversion coefficient is A = 3.8 and you believe that the entire 19701991 period is representative of future expected performance, what fraction of your portfolio should be allocated to T-bills and what fraction to equity? (Do not round intermediate calculations. Round your answers to 2 decimal places.) T-bills Equity