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Investors can invest in a risk-free asset and a risky portfolio constructed out of 3 risky assets. Sara is more risk averse than Brian. Both

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Investors can invest in a risk-free asset and a risky portfolio constructed out of 3 risky assets. Sara is more risk averse than Brian. Both Sara and Brian make the optimal portfolio choice. Which of the following statements is true? Sara's optimal complete portfolio will have a lower standard deviation compared to that of Brian's. Sara's optimal complete portfolio has a higher Sharpe ratio than that of Brian's. Compared to Brian, Sara puts a smaller fraction of her total investment money into the risk-free asset. Sara and Brian will pick different optimal risky portfolios

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