1. Using table 6.7 from the textbook, answer the following question. Table 6.7 Average annual return on stocks and I-month T-bils: standard deviation and Sharpe ratio of stocks over time US. Equity Market Period Standard Deviation Sharpe Ratio Average Annual Returns U.S. Equity Market 1 Month T-Bilk 11.72 3.38 9.40 092 Excess Return 8.34 20.36 0.41 8.49 26.83 0.32 1927-2018 1927-1949 1950-1972 1973-1995 1996-2018 14.00 3.14 10.86 17.45 0.62 13.38 7.26 6.11 18.43 0.33 10.10 221 7.89 18.39 0.43 a. If your risk aversion coefficient is A=3.5 and you believe the 1973-1995 period is representative of future expected returns, what fraction of your portfolio should be allocated to T-Bills and what fraction to equity