Correct answer:

Bile is composed of cholesterol, phospholipids (principally lecithin), bile salts (chenodeoxycholic acid and cholic acid) and water. Bile also contains conjugated bilirubin, the breakdown product of haemoglobin, which is quite distinct from bile salts. Cholesterol is not water soluble and is carried in the bile in water-soluble micelles, in which the hydrophobic cholesterol is carried within a ‘shell’ of phospholipid and bile salts.