The Hansen-Jagannathan bounds give a relation between E[m] and [m] for stochastic discount factors on the frontier. For each value of E[m], it gives the lowest possible value for [m]. How can you identify the return RE(m) on the mean-variance frontier of risky assets for which EREM-1/E[m]] (RE(m)) [m] E[m] is true? Show how to derive this expression [10 points] and describe the steps to identify the return RE(m) [5 points].