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18) . 14.62% 20.5% active fund . Passive fund (S&P 500 stock index) . Passive fund 12% 24% . T-bill rate 2% a) active,

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18) . 14.62% 20.5% active fund . Passive fund (S&P 500 stock index) . Passive fund 12% 24% . T-bill rate 2% a) active, passive CAL ? b) Passive fund active fund CAL

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