Suppose that you are told that the minimum variance portfolio has an expected return of 5% and a variance of 16. All investors have portfolios that are on the efficient frontier. If investors dont have access to a risk-free asset, what can you conclude about the returns and variance of any investors portfolio?

1. The expected return and variance are greater than or equal to 5% and 16 respectively.

2. The expected return and variance are less than or equal to 5% and 16 respectively.

3. The expected return and variance are strictly greater than 5% and 16 respectively.

d. The expected return and variance are strictly less than 5% and 16 respectively.