what is the correct answer? , disregard answer in picture.

The two-fund separation theorem states that: All investors invest all their wealth in the mean-variance efficient (tangency) portfolio, derived from a straight line through the risk-free asset. The risky portfolio of all investors has the same composition, but investors differ by how much they invest in the risk-free asset and how much in the optimal risky portfolio. All investors choose the same efficient portfolio. All investors choose the same optimal portfolio