An investor has four investment possibilities: W, X, Y, Z. The expected return and standard deviation of each are shown below.

W: expected return .08, standard deviation 0

X: expected return .10, standard deviation .10

Y: expected return .15, standard deviation .20

Z: expected return .24, standard deviation .25

Which of these would be on the highest indifference curve if this investor has a risk aversion value (A) of 5?

*Hint: Use the utility score formula.

Y
		W
		X
		Z