You manage a risky portfolio with an expected rate of return of 22% and a standard deviation of 34%. The T-bill rate is 6%.

Suppose that your client prefers to invest in your fund a proportionythat maximizes the expected return on the complete portfolio subject to the constraint that the complete portfolio's standard deviation will not exceed 22%.

a.What is the investment proportion,y?(Round your answer to 2 decimal places.)

b.What is the expected rate of return on the complete portfolio?(Do not round intermediate calculations. Round your answer to 2 decimal places.)