The market contains 2 risky securities S ($1bln outstanding), T ($2bln outstanding) and risk- free security R ($3bln outstanding). There are two broad groups of investors (each group containing many individuals), one group I with coefficient of risk aversion A = 7, and another group J with coefficient of risk aversion A= 3. S's expected return and standard deviation are 6% and 5% respectively. T's expected returns and standard deviation are 9% and 7% respectively. The correlation between S and T returns is 0.5 Return of R next period will be 3% For the following questions, please explain your answer (calculations may not be necessary): a) What is the ratio of S:T holdings for investor group I? What is the ratio of S:T holdings for investor group J? b) Will any of the groups, I or J, hold (long or short) positions in risk free asset? Which group will have a larger long position in R