Suppose Johnson& Johnson and Walgreen Boots Alliance have expected returns and volatilities shownhere, with a correlation of 23%. Calculate (a)the expected return and (b)the volatility(standard deviation) of a portfolio that consists of a long position of $8,000in Johnson& Johnson and a short position of $3,000in Walgreens.

Expected Return	Standard Deviation
Johnson& Johnson	6.96.9%		17.817.8%
Walgreens Boots Alliance	9.69.6%		20.720.7%

a. Calculate the expected return.

The expected return is ________(Answer)(Round to one decimalplace.)

b. Calculate the volatility(standard deviation).The volatility is ______(Answer).(Round to one decimalplace.)