8. Over the past three years, Funds X, Y, and Z had the following performance: Year 1 2 3 Fund X 10% -3% 5% Fund Y 6% 6% 2% Fund Z 4% 1% 5% Using the geometric mean criterion, what would be the order of preference between these three funds. (5 points) 9. Assume that investors have preferences given by the utility function U=E(r) - 0.5Ao Given the following two portfolios: Portfolio A E(r) = 6.5% = 8.0% Portfolio B E(r) = 12.5% = 18.0% Which portfolio would an investor with a level of risk aversion of A-4 choose? Show and state clearly why. (3 Points)