23. An investor owns the following portfolio today, Stock Number of shares Market Value Expected Annual Return IBM 100 $141.23 7% STO 170 $16.60 13% 8% 220 $33.48 191. 31 What is the investor's expected rate of return after one year? 24. Independent Management Funds (IMF) manages a $30 billion portfolio with an expected return equal to 15% and standard deviation equal to 22%. The risk-free rate equals 5%. One of the clients desires a portfolio standard deviation equal to 15% Using the Capital Asset Line (CAL), what is the highest expected return for the client? 22