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You manage a risky portfolio with an expected rate of return of 17% and a standard deviation of 27%. The t-bill rate is 7%. A

You manage a risky portfolio with an expected rate of return of 17% and a standard deviation of 27%. The t-bill rate is 7%. A client wants the highest expected return on a complete portfolio that does not have a standard deviation of returns greater than 20%. What would be this expected return? Please show work.

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