please explain the wrong one

Problem 6-26 Suppose that the borrowing rate that your client faces is 12%. Assume that the S&P 500 index has an expected return of 16% and standard deviation of 22%. Also assume that the risk-free rate is r = 5%. Your fund manages a risky portfolio, with the following details: Elip) = 12%, Op = 22%. What is the largest percentage fee that a client who currently is lending (y 1)? (Negative values should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to 2 decimal places.) X Answer is complete but not entirely correct. y 1 %