MULTIPLE CHOICE Q In the absence of a risk free asset, which ofthe following ranking rule is needed to locate the optimalportfolio of risky assets?

A. The portfolio with the largest utility is preferred.

B. The portfolio with the largest reward to variability ratio ispreferred.

C. For a given level of expected return, the portfolio with thelowest level of risk is preferred.

D. For a given level of risk, the portfolio with the largestexpected return is preferred..

E. None of the above