1. Consider the following three investments. Assume that T-bills yielded a constant 3 percent. Calculate the risk-adjusted performance of each of the funds, using the Sharpe measure.

Year	A	B	C
2003	5%	4%	6%
2004	0%	1%	-1%
2005	-5%	-4%	-10%
2006	8%	10%	18%
2007	5%	5%	7%