4. Answer whether each of the following statements is correct and explain your argument. Total: 20 marks. (a) According to CAPM, the expected return of a risky asset is larger than the risk free rate. (5 marks) (b) According to CAPM, the expected return of a risky asset increases with its variance. (5 marks) (c) According to the separation property, the optimal risky portfolio for an investor depends on the investor's personal preference. (5 marks) (d) A less risk-averse investor has a steeper indifference curve for the utility function. (5 marks)