2. (20p) Ann and Bob have access to a risky investment opportunity, which has an equal chance of yielding either a 20% positive return or a 10% loss. Their risk aversion is well described by constant relative risk aversion (CRRA), but with different levels of relative risk aversion: PA = 0.5 for Ann, PB = 1 for Bob, and pc = 0 for Cecilia. Each investor has to stake their entire wealth to take part in this investment. The alternative is to get a safe return R% on the entire wealth. What are their reservation values for the safe return R needed for them to accept the safe option instead of the gamble? (a) When they have initial wealth levels of 1 million. (b) When they have initial wealth levels of 10 million