A risk$-$averse $65$ year old with a high need for income in her portfolio comes to you for investment advice. The most appropriate portfolio for this individual would be$...$

Question $8$ options:

$60\%$ cash, $40\%$ bonds $0\%$ equities

$40\%$ cash, $40\%$ bonds, $20\%$ equities

$10\%$ cash, $65\%$ bonds, $25\%$ equities

$50\%$ cash, $50\%$ bonds, $0\%$ equities