You are a provider of portfolio insurance and are establishing a 4-year program. The portfolio you manage is worth $110 million, and you hope to provide a minimum return of 0%. The equity portfolio has a standard deviation of 23% per year, and T-bills pay 5% per year. Assume that the portfolio pays no dividends. Required: a-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 4% on the first day of trading? b-2. Complete the following: Complete this question by entering your answers in the tabs below. Complete the following: Note: Do not round intermediate calculations. Enter your answer in millions rounded to 4 decimal places. Assuming the portfolio does fall by 4%, the manager should in stock