Suppose that the borrowing rate that your client faces is $6\%.$ Assume that the equity market index has an expected return of $11\%$ and standard deviation of $29\%.$ Also assume that the risk$-$free rate is $r_f=3\%.$ Your fund manages a risky portfolio, with the following details: $E(r_p)=8\%,{}_p=20\%,rf=2\%.$

What is the largest percentage fee that a client who currently is lending