PLEASE USE EXCEL TO SOLVE THESE!!!! $3)$The table above shows the average excess return of the U$.$S$.$ equity market and the

standard deviation of that excess return. Suppose that the U$.$S$.$ Market is your risky

portfolio.

$($a$)$ If your risk$-$aversion coefficient is $A=4$ and you believe that the entire $1927-2021$

period is representative of future expected performance, what fraction of your

portfolio should be allocated to T$-$bills and what fraction to equity?

$($b$)$ What if you believe that the $1975-1998$ period is representative?

$($c$)$ What do you conclude upon comparing your answers to $($a$)$ and $($b$)?$

Mean$-$Variance Investing $-10$ points

From the above table, which of the portfolios cannot lie on the efficient frontier as

described by Markovitz?