Which of the following statements about capital allocation lines $($CALs$)$ is NOT true?A$)$ A CAL represents all possible portfolios of a risky asset and a risk freeasset.B$)$ Between two CALs, which one to choose depends on one's risk preference.C$)$ Given a CAL, which portfolio to choose depends on one's risk preference.D$)$ Two portfolios on a CAL have the same Sharpe ratio.