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

$26\%$ 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 $U=E(r)-0\mathrm{.}5$

$A{}^2.$

Note: Do not round intermediate calculations. Round your answers to $4$ decimal places. Negative amounts should

be indicated by a minus sign.