Assume that you manage a risky portfolio with an expected rate of return of 27% the T-bill rate is 4% and a standard deviation of 12%. Your client chooses to invest 70% of a portfolio in your fund and 30% in a T-bill money market fund.

What is the standard deviation of your client's portfolio?

A)14%

B)21%

C)15.85%

D)18.90%

E)19.57%