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[Chapter 21] Imagine you are a provider of portfolio insurance. You are establishing a 4-year program. The portfolio you manage is currently worth

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Can someone please help me with a step by step calculation.

Screenshot 2019-05-01 at 15.36.42.png

Screenshot 2019-05-01 at 15.36.42.png

[Chapter 21] Imagine you are a provider of portfolio insurance. You are
establishing a 4-year program. The portfolio you manage is currently
worth $100 million, and you hope to provide a minimum return of 0%.
The equity portfolio has a standard deviation of 25% per year, and T-bills
pay 5% per year. Assume for simplicity that the portfolio pays no
dividends [or that all dividends are reinvested]. a] How much should be placed in bills? How much in equity?

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