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The expected return on the market is 11.5% with a standard deviation of 13% and the risk-free rate is 4%. Which of the following portfolios

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The expected return on the market is 11.5% with a standard deviation of 13% and the risk-free rate is 4%. Which of the following portfolios are undervalued? 1 and 2 only 2 and 3 only 3 and 4 only 1 and 4 only

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