20) An analyst forecasts that the return of the S\&P 500 index portfolio over the coming year will be 10%. The one-year T-bill is 5%. Examination of recent returns of the S\&P 500 index suggests that the standard deviation of returns will be 18%. What does this information suggest about the degree of risk aversion of the average investors, assuming that the average portfolio resembles the S\&P 500? A. 18% B. 13% C. 1.54 D. 0.28