Suppose that the borrowing rate that your client faces is $12\%.$ Assume that the equity market index has an expected return of $17\%$ and

standard deviation of $21\%.$ Also assume that the risk$-$free rate is $r_f=6\%.$ Your fund manages a risky portfolio, with the following details:

$E(r_p)=16\%,{}_p=26\%.$

What is the largest percentage fee that a client who currently is lending $(y<mn\; id="EditorElement\_996230">1</mn><mi\; id="EditorElement\_996232">)</mi>$ will be willing to pay to invest in your fund? What about a

client who is borrowing $(y>1)?($Negative values should be indicated by a minus sign. Do not round intermediate calculations.

Round your answers to $2$ decimal places.$)$