You are a provider of portfolio insurance and are establishing a 4-year program. The portfolio you manage is worth $125 million, and you hope to provide a minimum return of 0%. The equity portfolio has a standard deviation of 21% 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 5% on the first day of trading? b-2. Complete the following: Answer is complete but not entirely correct. 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. How much of the portfolio should be sold and placed in bills? Note: Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places. What is the delta if the new portfolio falls by 5% on the first day of trading? Note: Do not round intermediate calculations. Negative amount should be indicated by a minus sign. Round your answer to 4 decimal places. Complete the following: Note: Do not round intermediate calculations. Enter your answer in millions rounded to 4 decimal places