22-I Consider the five funds shown below: 2.0 1.6a 3.5 0.9 0.8 1.20 0.98 0.95 0.90 0.80 0.60 3 4 0.9a Significant at 5 percent level. a. Which funds returns are best explained by the market's returns? b. Which fund had the largest total risk? c. Which fund had the lowest market risk? The highest? d. Which fund(s), according to Jensen's alpha, outperformed the market