Consider a scenario regarding CAL in which the T$-$bill $($risk$-$free rate$)$ is $5\%,$ the portfolio P return is $12\%,$ and the portfolio P risk is a standard deviation of $20\%.$ What is the expected risk level for a portfolio with $40\%$ T$-$bills and $60\%$ portfolio P$?$

$12\mathrm{.}0\%$

$10\mathrm{.}4\%$

$8\mathrm{.}0\%$

$15\mathrm{.}0\%$

$7\mathrm{.}5\%$