Consider a mean-variance portfolio framework. The market portfolio, M, has an expected return of 8% and a standard deviation of 20%. The risk-free rate is 4%. (1) An investor has a mean-variance utility function Up=E(rp)p2. Calculate the standard deviation of the optimal complete portfolio for this investor. (2) Consider an individual security i. Its return has a correlation of 0.7 with the market portfolio. i=0.30. Calculate the beta of security i. (3) The forecasted return of security i by the investor is 8%. Is this security under , fairly-, or over-priced according to CAPM? Explain your argument