Based on the data in the table,

Beta: Hershey (0.33) Macy's (0.95) Caterpillar (1.62)

,estimate each of the following investments you expect to lose the most in the event of a

18%

decline in the market: (1) A

4,500

investment in Hershey, (2) a

3,500

investment in Macy's, or (3) a

5,000

investment in Caterpillar.