a. An investment manager is evaluating three different investment options. Option X has an average annual return of 12% with a standard deviation of 8%. Option Y has an average annual return of 5.5% with a standard deviation of 3%. Option Z has an average annual return of 15% with a standard deviation of 9.5%. Which investment option is the riskier to invest in? Why? (3) b. You are analyzing two investment options, Stock A and Stock B. The possible returns and their respective probabilities are: Stock A: Scenario 1: 25% chance of a 15% return Scenario 2: 75% chance of a 7% return Stock B: Scenario 1: 35% chance of a 10% return Scenario 2: 65% chance of a 5% return Calculate the expected rate of return for both Stocks A and B. Which stock do you prefer if they are equally risky? Why