You are a financial advisor for a client who is 30 years old and has just inherited $100,000 from a deceased family member. The client has no immediate need for the funds and is willing to take a long-term investment approach. The client has heard about the concept of "dollar-cost averaging" and is interested in learning more. Answer the following questions:

a. Explain the concept of dollar-cost averaging and how it works.

b. Provide an example of how dollar-cost averaging can benefit a long-term investor.

c. Assuming the client has a long-term investment horizon and is willing to take on moderate risk, recommend a diversified investment portfolio that includes at least three different asset classes (e.g. stocks, bonds, and real estate) with an appropriate asset allocation. Provide a breakdown of the asset allocation and explain the rationale behind your recommendation.