Assume you have access to two possible assets and consider investing in them for one year. The first one Alpha has an expected return of 5% and -2% with equal probability and the other Beta has an expected return of 10% and 2% with equal probability.

1. Calculate the expected return and volatility for both assets.

2. Calculate portfolio return and volatility if you invest 60% into Beta and 40% into Alpha.

3. Calculate the new portfolio weights after one year.