WinWin Limited is a robot manufacturer to be sold to another tech firm at the end of one year. WinWin expects that the net cash flow at the end of one year will be USD40 million, a record high of all time. The relevant market information for WinWin is as follows: Now the CEO of WinWin, also the major shareholder, has decided to use financial transaction to lower the market risk of WinWin by 50% with the view to lower the discount rate and hence increase the value of WinWin Ltd. The financial transaction involves short-selling an appropriate amount of the market portfolio and investing the short sale proceeds in the risk-free asset for one year. With respect to the partial hedge, determine the followings: (a) The net cash flows to WinWin's shareholders at the end of year 1. (10 points) (b) The amount of cash flows given up to short position at the end of year 1. (10 points) (c) The market value of WinWin today after the partial hedge. (5 points)