1. Consider two investors who care only about the means and variances of their investments. Investor A is indifferent between portfolio 1 with expected return of 10% and standard deviation of 15% and portfolio 2 with expected return of 18% and standard deviation of 20%. Investor B is indifferent between portfolio 3 with expected return of 12% and portfolio 4 with expected return of 15%, where the standard deviation of portfolios 3 and 4 are the same as of portfolios 1 and 2, that is, equal to 15% and 20%, respectively. Which of the two investors would you say is more risk-averse?