3. The stock of Business Adventures sells for $40 a share. Its likely dividend payout and end-of- year price depend on the state of the economy by the end of the year as follows: (25 marks) Dividend Stock Price Boom $2.00 $50 Normal economy 1.00 43 Recession 0.50 34 a. Calculate the expected holding-period return and standard deviation of the holding period return. All three scenarios are equally likely b. Calculate the expected return and standard deviation of a portfolio invested half in Business Adventures and half in Treasury bills. The return on bills is 4%