Tou are a provider of portfolio insurance and are establishing a 4-year program. The portfolio you manage is worth $106 million, and ou hope to provide a minimum return of 0%. The equity portfolio has a standard deviation of 25% per year, and T-bills pay 7% per rear. Assume that the portfolio pays no dividends. Required: -1. What is the delta of the implicit put option conveyed by the portfolio insurance? a-2. How much of the portfolio should be sold and placed in bills? b-1. What is the delta if the new portfolio falls by 2% on the first day of trading? b-2. Complete the following: Complete this question by entering your answers in the tabs below. What is the delta of the implicit put option conveyed by the portfolio insurance? Note: Do not round intermediate calculations. Negative amount should be indicated by a minus sign. Round your answer to 4 decimal places