You are a provider of portfolio insurance and are establishing a $4-$year program. The portfolio you manage is worth $$122$ million, and

you hope to provide a minimum return of $0\%.$ The equity portfolio has a standard deviation of $19\%$ per year, and T$-$bills pay $6\%$ per year.

Assume that the portfolio pays no dividends.

a$-1.$ How much should be placed in bills? $($Enter your answer in millions rounded to $2$ decimal places.$)$

a$-2.$ How much in equity? $($Enter your answer in millions rounded to $2$ decimal places.$)$

b$-1.$ What is the delta if the new portfolio falls by $6\%$ on the first day of trading? $($Negative value should be indicated by a minus sign.

Enter your answer in millions rounded to $4$ decimal places.$)$

Delta of the portfolio