3 You are an investment manager at one of the leading commercial banks in the Caribbean, with head office in St. Lucia. Three of the clients of the bank decided that they want to invest in one of four nortfolio options, with the objective of maximizing returns. You helped them to identify four 6 of 14 e 1 shows the four options, along with their estimated average annual returns (in US the three market conditions being considered for the purpose of the analysis. Table 1: Estimated Average Returns (US $1000) Portfolio Options Option Portfolio 1 Portfolio 2 Portfolio 3 Portfolio 4 Bullish (S) 150 120 100 130 Conditions of the Financial Market Stable (S) 130 90 6 E 95 90 Bearish (S3) 70 80 70 Required: Suppose there is no information on the probability of the condition of the financial market, determine the portfolio option that will maximize returns under each of the following criteria. a) LaPlace Criterion [4 marks] b) Min-Max Regret Criterion [4 marks] c) Drawing from your knowledge of the fin