Consider a portfolio that offers an expected rate of

return of $13\%$ and a standard deviation of $19\%.$ T$-$

bills offer a risk$-$free $5\%$ rate of return.

What is the maximum level of risk aversion for which

the risky portfolio is still preferred to T$-$bills?

A must be less than $0\mathrm{.}23$ for the risky portfolio to

be preferred to bills.

A must be less than $4\mathrm{.}4$ for the risky portfolio to be

preferred to bills.

A must be greater than $4\mathrm{.}4$ for the risky portfolio to

be preferred to bills.

A must be greater than $0\mathrm{.}23$ for the risky portfolio

to be preferred to bills.