you are the financial advisor to two individual, a young person with high risk tolerance (90% market and 10% risk free assets), a middle age person with medium risk tolerance (60% market and 40% risk free asset) the current conditions:

Risk free asset earning 8% per year

Risky assets with expected return of 20% per year and standard deviation of 28%. Using mutual fund theorem:

1. Construct appropriate portfolio for young client and estimate the expected return and standard deviation for the coming year.
2. Construct appropriate portfolio for your middle age client and estimate the expected return and standard deviation for the coming year.