You estimate that a passive portfolio invested to mimic the S&P $500$ stock index provides an expected rate of return of $13\%$ with a standard deviation of $25\%.$

a$.$ Draw the CML and your fund's CAL on an expected return$/$standard deviation diagram.

b$.$ What is the slope of the CML$?$

c$.$ Characterize in one short paragraph the advantage of your fund over the index fund