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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%. What

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%. What fee (as a percentage of assets invested) could you charge clients to invest in your risky portfolio so that they would be indifferent between using your portfolio (14% return, Standard Deviation of 27%, Sharpe ratio of .259) or the S&P 500 stock index described above (11.2% return, standard deviation of 17.5%)? (Hint: Think about how the fee would change the Sharpe Ratio of your risky portfolio.) Please show work.

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