9. Suppose you manage an active mutual fund with an expected rate of return of 20% and a standard deviation of 30%. The T-bill rate is 4%. Your only competitor is an index fund that has an expected return of 12% and a standard deviation of 20%. What is the maximum fee you could charge that would still leave your client indierent between the index fund and your fund?

		A) 0.04%
		B) 0.08%
		C) 1%
		D) 2%
		E) 4%