Which of the following statements are true? Explain. (a)A lower allocation to the risky portfolio reduces the Sharpe (reward-to -volatility) ratio.(b)The higher the borrowing rate, the lower the Sharpe ratios of levered portfolios. (c)With a fixed risk-free rate, doubling the expected return and standard deviation of the risky portfolio will double the Sharpe ratio. (d)Holding constant the risk premium of the risky portfolio, a higher risk-free rate will increase the Sharpe ratio of investments with a positive allocation to the risky asset.