A college endowment fund has $150 million. The fund manager intends to withdraw $2 million from the fund for operations, and she has a minimum year-end acceptable level of $151 million. The fund has two choices for the portfolio. The endowment manager can choose Portfolio X, which has an expected return of 10% and a standard deviation of 14%, or Portfolio Y, which has an expected return of 12% and a standard deviation of 20%. Given this scenario, which of the following statements regarding Roy's safety-first criterion is most accurate?

A.The fund should choose Portfolio Y.

B.The fund should choose Portfolio X.

C.Portfolios X and Y are both acceptable because their safety-first ratios fall in the acceptable range.