Six investors have chosen to invest in the following portfolios: Investor Portfolio Expected Return A Alice Brad Candice Doug Emma Frank 2% 4% 5% 7% 9% 10% Standard Deviation 0.4% 0.6% 0.3% 0.5% 0.45% 0.7% D TF a) Which investors are holding inefficient portfolios? b) What changes would you make to the investments of the investors who are currently holding inefficient portfolios? Explain how, in each case, these changes will make the investors better off. c) Of the investors who are currently holding efficient portfolios, which is the most risk averse and which is the least risk averse