Suppose that the borrowing rate that your client faces is $12\%.$ Assume that the equity market index has an expected return of $14\%$ and

standard deviation of $23\%.$ Also assume that the risk$-$free rate is $r_f=6\%.$ Your fund manages a risky portfolio, with the following

details: $E(r_p)=13\%,{}_p=24\%.$

What is the largest percentage fee that a client who currently is lending $(y<mn\; id="EditorElement\_444202">1</mn><mi\; id="EditorElement\_444204">)</mi>$ will be willing to pay to invest in your fund? What about a

client who is borrowing $(y>1)?($Negative values should be indicated by a minus sign. Do not round intermediate calculations.

Round your answers to $2$ decimal places.$)$

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