The appropriate mix of stocks and bonds changes as a person moves through different phases of life in hope of achieving a variety of short- and long-term financial goals.Pick a portfolio consisting of either (i) almost exclusively stocks, (ii) a much larger mix of stocks than bonds, (iii) a much larger mix of bonds than stocks, or (iv) almost exclusively bonds for each of the four individual scenarios below (Note that every portfolio option doesn't have to be used).Explain why portfolio (i), (ii), (iii), or (iv) makes sense for each person below.

Person A: Saving to place a 20% down payment on a house in 3 years

Person B: Saving to retire in 45 years