12. There are different investments opportunities available to Mr. Khizar. He wants to make a decision after looking at the future outlook of the investments. The risk-free rate of return is 7.7 per cent and the annual premium received on shares over Treasury bills has been 6.5 per cent. Mr. Khizar is considering the following investments. Project Beta Expected return (%) 1.36 B 1.49 C 0.77 15.5 D 0.97 11 15 21 Which investments Mr. Khizar should invest? Assume CAPM holds