You are provided with the following portfolios:

Portfolio Expected Return Standard Deviation

X 10% 12%

Y 5% 7%

Z 15% 20%

W 12% 25%

a) Which one of the following portfolio(s) cannot lie on the efficient frontier

b) Briefly explain your reasoning in part (a).

Clearly label your findings (e.g., enterprise value = ..) and designate which part of the question you are answering such a, b, c (if there are multiple parts). Show your work by typing it in Canvas. Answers (whether correct or incorrect) without work shown will receive zero points. Simply typing your work will suffice. (e.g., x = y + 2z). No need to use mathematical functions in Canvas.