An investment advisor is considering four different investment... An investment advisor is considering four different investment options for a client. The return of each option depends on the state of the economy over the next year (ranging from rapid expansion to strong contraction).The investment company's economists have estimated probabilities for each of these states of the economy, as well as the returns of each investment under each of these circumstances. The data is summarized in the spreadsheet below. Based on this information, the financial advisor needs to decide which investment(s) to recommend to the client. Home Insert Draw Page Layout Formulas Data Review View 9 Tell me Share Comments Arial 10 A" A" General Conditional Formatting Insert w O. E Format as Table Delete v Paste Editing Ideas P Y Cell Styles Format Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left off? Yes No A1 *x v fx Economic Outcome C D G H L M N 0 P Return of Return of Return of Return of Economic Outcome Probability Investment Investment Investment Investment C D Rapid expansion 0.1 -9.1 19 3 2.5 -5.1 Moderate expansion 03 4.3 12 8 1.3 No growth 0.35 04 2.6 0.1 Moderate contraction 0.15 78 0.75 6 Serious contraction 0.1 14.1 0.5 6.1(D) The investor is rather risk-averse and would like to pick two investments and invest 50% of the amount to be invested in each to diversify her portfolio and limit her risks (that is. she wants her return to not vary as much depending on economic conditions, but prefers a rather stable return regardless the economy). . To calculate the expected return of a portfolio where each investment makes up 50% of the portfolio, you will need the following formula: Calculate the expected returns of all portfolios consisting of 2 investments. Which portfolios would you recommend to the client who wants to diversify and limit her risk? Explain your choice. (E) Please attach your work in an Excel spreadsheet in the next