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disregard the answer in the picture please.

Which of the following statements is true of optimal portfolios when investors can lend or borrow in a risk-free asset. Note: "expected excess return" means the expected return minus the risk-free rate. Having the highest expected excess return among all possible portfolios Having the highest ratio of expected excess return to standard deviation of return among all possible portfolios: Having the lowest standard deviation of return among all possible portfolios Having the highest expected return among all portfolios with the lowest possible standard deviation of returns