Consider a portfolio that offers an expected rate of return of $12\%$ and a standard deviation of $23\%.$ T$-$bills offer a risk$-$free $4\%$ rate of return.

What is the maximum level of risk aversion for which the risky portfolio is still preferred to T$-$bills? $($Do not round intermediate calculations. Round your answer to $2$ decimal places.$)$

$\backslash$table$[[$Maximum level of risk aversion must be $,$ less than$]]$