A risky asset P has expected return 15% and standard deviation 20%. The rate ofreturn on risk-free Treasury bills is 5%. Find the optimal portfolio of an investor with preferences given by: U= E(r)- σ^2

in each of the following cases:

a. borrowing to buy P on margin is possible at a rate of 5%.
b. borrowing to buy P on margin is possible at a rate of 10%.

Schuepfer inc. bases its selling and administrative expense budget on budgeted unit sales. the sales budget shows 1,800 units are planned to be sold in march. the variable selling and administrative expense is $4.30 per unit. the budgeted fixed selling and administrative expense is $35,620 per month, which includes depreciation of $2,700 per month. the remainder of the fixed selling and administrative expense represents current cash flows. the cash disbursements for selling and administrative expenses on the march selling and administrative expense budget should be: