b) The illustration below plots several portfolios according to their risk and return characteristics. If you were a risk-averse investor which portfolio would you invest in and why? Your answer should include a description of Markowitz efficient frontier, dominant portfolios and investor utility. Return Alpha -Beta Gamma Zeta + - Delta Risk (o) (7 marks) c) Why was capital market theory considered to be an incomplete explanation for the relationship that existed between risk and return? How did the development of CAPM bridge this gap? Your answer should include a comparison of the Capital Market Line (CML) and the Security Market Line (SML). (4 marks) [40 Marks)