You manage a risky portfolio with an expected rate of return of $12\%$ and a standard deviation of $28\%.$ The T$-$bill rate is $2\%.$

Suppose that your client prefers to invest in your fund a proportion y that maximizes the expected return on the complete portfolio subject to the constraint that the complete portfolio$$s standard deviation will not exceed $12\%.$

Required:

What is the investment proportion, y$?$

Note: Round your answer to $2$ decimal places.

What is the expected rate of return on the complete portfolio?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places