Consider historical data showing that the average annual rate of return on the S&P $500$ portfolio over the past $85$ years has averaged roughly $8\%$ more than the Treasury bill return and that the S&P $500$ standard deviation has been about $29\%$ per year. Assume these values are representative of investors' expectations for future performance and that the current T$-$bill rate is $2\%.$

Calculate the utility levels of each portfolio for an investor with A $=2.$ Assume the utility function is U $=$ E$($r$)0\mathrm{.}5\backslash$times A$\backslash$sigma $2.$