Suppose that the risk$-$free lending rate is $4\%$ and the borrowing rate is $6\%.$ The equity market index has an expected return of $12\%$ and standard deviation of $25\%.$

What is the range of risk aversion $($A$)$ for which an investor will neither borrow nor lend, that is$,$ for which $y=1?$

A$.2\mathrm{.}191\mathrm{.}69$

$E.2\mathrm{.}190\mathrm{.}83$

$D.1\mathrm{.}69$

$E.2\mathrm{.}19$