Suppose that the borrowing rate that your client faces is 11%. Assume that the equity market index has an expected return of 13% and standard deviation of 25%. Also assume that the risk-free rate is rf = 4%. Your fund manages a risky portfolio, with the following details: E(rp) = 15%, σp = 22%.

What is the largest percentage fee that a client who currently is lending (y < 1) 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.)