Since Treasury bills (T-bills) are considered risk-free, we know that the standard deviation of this asset and the correlation between T-bills and the other stocks is 0. Thus, we can calculate the portfolio expected return and standard deviation.

Step 1: Calculate the expected return
Expected Return_Portfolio = (w_T-bills × ER_T-bills) + (w_Stocks × ER_Stocks)
= (0.20) × (0.0475) + (1.00-0.20) × (0.165) = 0.1415, or 14.15%.

Step 2: Calculate the expected standard deviation
When combining a risk-free asset and a risky asset (or portfolio or risky assets), the equation for the standard deviation, σ_1,2 = [(w₁²)(σ₁²) + (w₂²)(σ₂²) + 2w₁w₂ σ₁ σ₂ρ_1,2]^1/2, reduces to: σ_1,2 = [(w_Stocks)(σ_Stocks)] = 0.80 × 0.0324^1/2 = 0.14400, or 14.40%. (Remember to convert variance to standard deviation).