Which of the following funds has the highest risk-adjusted return if the risk-free rate of interest is 3 according to the Treynor ratio?
a) Fund A with a beta of 1.2 and an expected return of 10%
b) Fund B with a beta of 0.8 and an expected return of 8%
c) Fund C with a beta of 1.5 and an expected return of 12%
d) Fund D with a beta of 1.0 and an expected return of 9%
