Suppose that the borrowing rate that your client faces is $11\%.$ Assume that the equity market index has an expected return of $14\%$ and standard deviation of $24\%.$ Also assume that the risk$-$free rate is rf$=6\%$

$.$ Your fund manages a risky portfolio, with the following details: E$($rp$)=14\%,\backslash$sigma p$=22\%$

$.$

What is the largest percentage fee that a client who currently is lending $($y $<1)$ will be willing to pay to invest in your fund? What about a client who is borrowing $($y $>1)?$