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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

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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

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