Suppose that the borrowing rate that your client faces is 9%. Assume that the equity market index has an expected return of 15% and standard deviation of 32%, that r_f = 3%.

What is the range of risk aversion for which a client will neither borrow nor lend, that is, for which y = 1? (Do not round intermediate calculations. Round your answers to 2 decimal places.)

y = 1 for A