$15$

Problem $6-26$

$25$ Suppose that the borrowing rate that your client faces is $9\%.$ Assume that the equity market index has an expected return of $15\%$ and oints standard deviation of $23\%.$ Also assume that the risk$-$free rate is $r_f=4\%.$ Your fund manages a risky portfolio, with the following details: $E(r_p)=13\%,{}_p=15\%.$

What is the largest percentage fee that a client who currently is lending