Question: An implication of the separation principle is that the optimal risky portfolio and the most appropriate complete portfolio, which combines the optimal risky portfolio and

An implication of the separation principle is that the optimal risky portfolio
and the most appropriate complete portfolio, which combines the optimal risky portfolio
and risk-free asset,
relies on the investor's desired risk level; can be determined by a portfolio manager.
relies on the investor's desired risk level; also relies on the investor's desired risk level.
can be determined by a portfolio manager; also can be determined by a portfolio manager.
can be determined by a portfolio manager; relies on the investor's desired risk level.
 An implication of the separation principle is that the optimal risky

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