Refer the table below on 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.

	Average Annual Returns								U.S. Equity Market
Period	U.S. equity				1-Month T-Bills				Excess return				Standard Deviation				Sharpe Ratio
19272018		11.77				3.38				8.34				20.36				0.41
19271949		9.40				0.92				8.49				26.83				0.32
19501972		14.00				3.14				10.86				17.46				0.62
19731995		13.38				7.26				6.11				18.43				0.33
19962018		10.10				2.21				7.89				18.39				0.43

a. If your risk-aversion coefficient is A = 5.9 and you believe that the entire 19272018 period is representative of future expected performance, what fraction of your portfolio should be allocated to T-bills and what fraction to equity? Assume your utility function is U = E(r) 0.5 A². (Do not round intermediate calculations. Round your answers to 2 decimal places.)

T-Bills %

Equity %

b. If your risk-aversion coefficient is A = 5.9 and you believe that the entire 19731995 period is representative of future expected performance, what fraction of your portfolio should be allocated to T-bills and what fraction to equity? (Do not round intermediate calculations. Round your answers to 2 decimal places.)

T-Bills %

Equity %