6- The stock of Business Adventures sells for $80 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:

	Stock Price	Dividend
Recession	$76	$0.75
Normal economy	82	2.50
Boom	87	3.00

A- 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 3%.

B- Calculate the expected holding-period return and standard deviation of the holding-period return. All three scenarios are equally likely.