1. Based on beta, which portfolio has the highest level of systematic risk? Show your work.

\begin{tabular}{|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Portfolio 1 } \\ \hline Security & Amount Invested & Expected Return & Beta \\ \hline Security A & $4,000 & 9% & .80 \\ \hline Security B & $5,000 & 12% & 1.15 \\ \hline Security C & $12,000 & 14% & .95 \\ \hline Security D & $8,000 & 15% & 1.23 \\ \hline \hline \multicolumn{4}{|c|}{ Portfolio 2 } \\ \hline Security & Amount Invested & Expected Return & Beta \\ \hline Security A & $3,000 & 16% & 1.22 \\ \hline Security B & $11,000 & 13% & 1.54 \\ \hline Security C & $9,000 & 8% & .87 \\ \hline Security D & $6,000 & 11% & .81 \\ \hline \hline & \multicolumn{4}{|c|}{ Portfolio 3 } \\ \hline Security & Amount Invested & Expected Return & Beta \\ \hline Security A & $15,000 & 10% & 1.72 \\ \hline Security B & $12,000 & 9% & .81 \\ \hline Security C & $3,000 & 12% & .72 \\ \hline Security D & $2,000 & 15% & 1.54 \\ \hline \end{tabular}