9 ) Suppose Sarah can borrow and lend at the risk free-rate of 3% . Which of the following risky portfolios should she hold in combination with a position in the risk free asset a ) portfolio with a standard deviation of 15 % and an expected return of 12 % b ) portfolio with a standard deviation of 19% and an expected return of 15% ( ) portfolio with a standard deviation of 12% and an expected return of 9% d ) she should be indifferent in holding any of the three portfolios e ) None of the above