Suppose that the borrowing rate that your client faces is 12%. Assume that the S&P 500 index has an expected return of 16% and standard deviation of 22%. Also assume that the risk-free rate isr_f= 5%. Your fund manages a risky portfolio, with the following details:E(r_p) = 12%,_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)?(Negative values should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to 2 decimal places.)