Q.4(b) Explain the difference between the optimal Risky Portfolio and the Optimal Complete Portfolio. Your answer should include a graph. [9 Marks] Q4(c) Discuss the implications of the empirical observation that excess returns may not always exhibit a normal distribution. Discuss with reference to the graph below. 60 SO Normal Fat-tailed 40 ( - 20 TO Kurtosis -35 Rate of Return Figure 5.SB Normal and fat-tailed distributions Crean-.1, SD.2) [6 Marksl