18. Suppose that the borrowing rate that your client faces is 12%.

Assume that the S&P 500 index has an expected return of 14% and standard deviation of 34%, that rf = 6%.

What is the range of risk aversion for which a client will neither borrow nor lend, that is, for which y = 1? (Do not round intermediate calculations. Round your answers to 2 decimal places.)

y = 1 for _________?? A ________??