Suppose Johnson& Johnson and Walgreen Boots Alliance have expected returns and volatilities shownhere, see the table below , with a correlation of

23%. Calculate (a) the expected return and (b) the volatility(standard deviation) of a portfolio that consists of a long position of $9,500 in Johnson& Johnson and a short position of $3,000 in Walgreens.

a. Calculate the expected return.

The expected return is............%.(Round to one decimalplace.)

b. Calculate the volatility (standard deviation).

The volatility is..............%. (Round to one decimalplace.)