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An investor with a degree of risk aversion of 4 (A=4) is trying to form a complete portfolio by investing in a risky asset with
An investor with a degree of risk aversion of 4 (A=4) is trying to form a complete portfolio by investing in a risky asset with an expected rate of return of 12.6% and a standard deviation of 25%, and a T-bill that pays 3%. He could achieve the highest utility if he allocates _________% of his money to the risky asset. (Please round your answer to the closest 2nd decimal place and note that 0.2512 should be expressed as 25.12%).
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