A risk$-$averse investor can borrow and lend at the risk$-$free rate of $4\%.$ Which of the following risky portfolios should s$/$he hold in combination with a position in the risk$-$free asset?

portfolio with a standard deviation of $17\%$ and an expected return of $15\%$

any of the three portfolios described

none of the three portfolios described

portfolio with a standard deviation of $15\%$ and an expected return of $13\%$

portfolio with a standard deviation of $13\%$ and an expected return of $11\%$