Suppose that the borrowing rate that your client faces is 10%. 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 is rf = 3%. Your fund manages a risky portfolio, with the following details: E(rp) = 12%, p = 18%. 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.)

Y<1_________%

Y>1_________%