ConocoPhillips Company, a U.S. firm, plans to invest a new project in either the United States or U.K. Once completed, it will continue 80% of the firm's total funds invested in itself. The remaining 20% of its investment in its business is exclusively in the U.S. Characteristics of the proposed project are forecasted for a 4-year period for both a U.S. and a British location as follows: \begin{tabular}{|l|l|l|} \hline & \multicolumn{2}{|l|}{ CHARACTERISTICS OF PROPOSED PROJECT } \\ \cline { 1 - 1 } & \begin{tabular}{l} IF LOCATED IN THE \\ Existing \\ Business \end{tabular} & \begin{tabular}{l} IF LOCATED IN THE \\ UNITED \$TATES \end{tabular} \\ \hline 18% & 28% & 28% \\ \hline 0.17 & 0.20 & 0.23 \\ \hline \end{tabular} Since the expected return will be the same, it shall locate in the U.S. because the standard deviation is 19.40%, smaller than that located in the U.K., which is 21.80%. Since the expected return will be the same, it shall locate in the U.K. because the standard deviation is 16.20%, smaller than that located in the U.S., which is 17.94%. Since the expected return will be the same, it shall locate in the U.K. because the standard deviation is 2.63%, smaller than that located in the U.S., which is 3.22%. Since the expected return will be the same, it shall locate in the U.S. because the standard deviation is 18.50%, smaller than that located in the U.K., which is 20.00%