a) Compare the equations of the efficient frontier with riskless lending and borrowing and short sales for a combination of a domestic equity portfolio represented by the S&P Index and a portfolio of US Long-term Bonds; and a combination of the S&P Index and an emerging market equity index (EF). The estimated inputs for the returns (in percentage), standard deviations (in percentage), correlation coefficients of the indices and the risk-free rate (in percentage) are as follows: RS&P=11 =7 R Bond REF=17 Ps&P,Bond = 0.4 O S&P = 20 OB = 12 Bond OF = 25 EF PS&P.EF = 0.3 RF = 5 (30%) b) Using academic literature, compare and contrast active and passive investment management. Critically examine the ongoing debate on active vs. passive ESG investment (Word limit: 750) (50%) c) Compare the risk preference of two investors A and B who are believed to have the following utility functions UA(W) = W and UB (W) = 2eW, respectively. 3W (20%)