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Consider a portfolio that offers an expected rate of return of 12% and a standard deviation of 18%. T-bills offer a risk-free 7% rate of

Consider a portfolio that offers an expected rate of return of 12% and a standard deviation of 18%. T-bills offer a risk-free 7% rate of return.

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

Maximum level of risk aversion must be

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