3. (10 points) Suppose that an investor has access to two risky assets P and Q, with the following statistical properties: E(rp) = 7%, Op= 8%, E(ra) = 9%, 04 = 20%. She may also invest in Treasury Bills yielding a risk-free return rr = 5%. Bills may be combined with either Por Q(but not both), and the investor cannot borrow. a) Find the reward-to-variability ratios for the assets P and Q. b) If the investor's preferences are represented by the utility function U = E(r) - 0.50%, what would be her optimal portfolio