Mary wants to invest some of her savings into a risky portfolio and the rest in a risk-free asset to achieve an investment target of 15% p.a. Based on the mean-variance portfolio theory, which of the following statements is True about Marys risk preference and portfolio choice:

a.

Mary should choose to invest in the minimum variance risky portfolio if she has a high level of risk aversion.

b.

Mary should choose to invest in the optimal risky portfolio regardless of her risk preference.

c.

Mary could invest in any risky portfolio in the market that has an expected return of 15%.

d.

Mary could invest in any risky portfolio in the market that has an expected return higher than 15%.