Mellina Markavov uses the CML to advise her clients. Current market expectations are as below:\ \ Expected return on the market portfolio: 12%\ Standard deviation on the market portfolio: 20%\ Risk-free rate: 4%\ One of Mellina's clients has a 8% standard deviation objective. What is the appropriate allocation to meet this clients risk tolerance?\ \ Question 9 options:\ \ a) \ \ 60% in risk-free asset and 40% in the market portfolio\ \ \ b) \ \ -50% in risk-free asset (i.e. borrowing) and 150% in the market portfolio\ \ \ c) \ \ 45% in risk-free asset and 55% in the market portfolio\ \ \ d) \ \ 25% in risk-free asset and 75% in the market portfolio\ \ \ e) \ \ 40% in risk-free asset and 60% in the market portfolio\ \