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 $28\%$ 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 level of the following portfolio for an investor with risk$-$aversion of A $=2$:

$80\%$ in T$-$bill and $20\%$ in S&P $500$ Index Portfolio

Group of answer choices

$0\mathrm{.}0301$

$0\mathrm{.}0329$

$0\mathrm{.}0395$

$0\mathrm{.}0398$

None of the above