The two-fund separation holds also in the case where there are different borrowing and lending rates. That is, we can represent a_H mean-variance...

Is the above statement TRUE, FALSE or UNCERTAIN? Please provide a brief explanation with the answer.

. The two-fund separation holds also in the case where there are different borrowing andlending rates. That is, we can represent a_H mean-variance optimal portfolios ascombinations of two portfolios or assets. (10 marks)