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Suppose that the borrowing rate that your client faces is 9 % . Assume that the equity market index has an expected return of 1

Suppose that the borrowing rate that your client faces is 9%. Assume that the equity market index has an expected return of 15% and standard deviation of 23%. Also assume that the risk-free rate is rf =3%. Your fund manages a risky portfolio, with the following details: E(rp)=13%,\sigma p =17%.
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)?(Negative values should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to 2 decimal places.)

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