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.

	Average Annual Returns								S&P 500 Portfolio
Period	S&P 500 Portfolio				1-Month T-Bills				Risk Premium				Standard Deviation				Sharpe Ratio
19262015		11.77				3.47				8.30				20.59				0.40
19922015		10.79				2.66				8.13				18.29				0.44
19701991		12.87				7.54				5.33				18.20				0.29
19481969		14.14				2.70				11.44				17.67				0.65
19261947		9.25				0.91				8.33				27.99				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 = E(r) 0.5 A². (Do not round intermediate calculations. Round your answers to 2 decimal places.)

t bill = ?

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 = ?