You are a provider of portfolio insurance and are establishing a four-year program. The portfolio you manage is currently worth $120 million, and you promise to provide a minimum return of 0%. The equity portfolio has a standard deviation of 25% per year, and T-bills pay 4.8% per year. Assume that the portfolio pays no dividends. b-1. Calculate the put delta and the amount held in bills if the stock portfolio falls by 3% on the first day of trading, before the hedge in place? (Input the value as a positive value. Do not round intermediate calculations. Round your answers to 2 decimal places.) Answer is complete but not entirely correct. % million Put delta Amount held in bills 28.33 $ 44.00 b-2. What action should the manager take? (Enter your answer in millions rounded to 2 decimal places. Do not round intermediate calculations.) The manager must sell 36.30 Answer is complete but not entirely correct. million of and use the proceeds to equity buy bills