Tesco was forced to restate its earnings for the first half of 2014 to 431 million USD because senior managers in the U. K. food business had booked income early and delayed the booking of costs in order to improve appearances of financial performance. This scandal results from and .

Consider a treasury bill with a rate of return of 5% and the following risky securities: security a: e(r) = .15; variance = .0400 security b: e(r) = .10; variance = .0225 security c: e(r) = .12; variance = .1000 security d: e(r) = .13; variance = .0625 the investor must develop a complete portfolio by combining the risk-free asset with one of the securities mentioned above. the security the investor should choose as part of her complete portfolio to achieve the best cal would be a. security a b. security b c. security c d. security d