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 devlation has been

about $20\%$ per year. Assume these values are representatlve of Investors' expectations for future performance and

that the current T$-$bill rate is $5\%.$

Calculate the utility levels of each portfolio for an Investor with $A=3.$ Assume the utility function Is $U=E(r)-\mathrm{.}5A{}^2$

Note: Do not round Intermedlate calculatlons. Round your answers to $4$ declmal places.