Based on the following projected returns compare investment performance under the following scenarios. The figures are projected quarterly returns, are over an 8 year investment horizon and involve an initial investment of $250m. Explain the differences in the risk-adjusted performance between the alternative scenarios. a) Ungeared b) 60% gearing at 6.25% fixed-rate. Periodic payments are interest only with a balloon payment of $250 at the end of year 8 . c) 70% gearing at 6.70% fixed-rate. Periodic payments include an equal instalment repayment of principal of $4m per quarter. The remaining outstanding principal is paid in a balloon payment at the maturity of the loan