You are managing an investment portfolio X on behalf of your clients. Assume the assets within portfolio X belong to three asset classes: stocks, fixed income and cash, with weights 55%, 22and 23%. Suppose the benchmark index weights had been set at 45% equity, 15% bonds and 40% money market. The return of the benchmark index and the managed portfolio X for each asset class for last year were as follows: Stocks Bonds Money Market Portfolio X 8.18% 3.79% 0.30% Benchmark Index 6.25% 1.56% 0.28% a. Calculate the excess return of portfolio X. (4 marks) b. Let's focus on the bond asset classes among the portfolio X. You have a one-year, $100,000 bond carries a coupon rate of 10%. The bond will make the payment of accrued interest and one-half of the principal at the end of six months. The remaining principal and accrued interest are due at the end of the year. If the required yield is 20% annually, what is the duration of the bond? [Please keep three decimals)