Assume two risk-averse investors J and K who face the same minimum-variance frontier. Given a risk-free rate r, each investor draws the same CAL to the tangency portfolio To on the minimum-variance frontier. J is more risk averse than K, and his optimal complete portfolio involves a long position in the risky portfolio T, along with lending at the risk-free rate r;. K's optimal complete portfolio involves a long position in the risky portfolio T, along with borrowing at the risk-free rate r;. a) Sketch a graph of the minimum-variance frontier, the CAL, as well as J's and K's optimal complete portfolios along the CAL. Make sure to label everything carefully b) Now suppose the risk-free rate suddenly drops to a new (lower) level r), such that 0