$18.$ Suppose that the $10-$year annual return for the S&P $500($market portfolio$)$ is $10\%,$ while the average annual return on Treasury bills $($a good proxy for the risk free rate$)$ is $5\%.$ The market beta by definition is $1.$ Assume you are evaluating three distinct portfolio managers with the following $10-$year results:

Compute the Treynor value for each portfolio manager. Given your results, which port

folio is more preferrable and why do you think so$?$