$(25$ Marks$)2\mathrm{.}1$ Consider the following information: State: B o om N o rmal S l o wdown R e cession Probability: $0.300.400.200.10$ ABC Returns: $0.140.090.03-0.02$ Based on the information provided above, calculate the following: $2\mathrm{.}1\mathrm{.}1$ Expected return $(5$ Marks$)2\mathrm{.}1\mathrm{.}2$ Variance $(5$ Marks$)2\mathrm{.}1\mathrm{.}3$ Standard deviation $(5$ Marks$)2\mathrm{.}2$ The expected returns of a portfolio are influenced by several factors that investors should consider when constructing and managing their investment portfolios. You are required to write a mini essay which discusses the factors that affect expected returns of a portfolio. $(10$ Marks$)$