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Consider historical data showing that the average annual rate of return on the S&P 5 0 0 portfolio over the past 8 5 years has

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 31% per year. Assume these values are representative of investors' expectations for future performance and that the current T-bill rate is 3%.
Calculate the utility levels of each portfolio for an investor with A=2. Assume the utility function is U=E(r)-0.5A2.
Note: Do not round intermediate calculations. Round your answers to 4 decimal places. Negative amounts should be indicated by a minus sign.
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