Consider historical data showing that the average annual rate of return on the S&P $500$ portfollo 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 $31\%$ per year. Assume these values are representatlve of Investors' expectations for future performance and

that the current T$-$bill rate is $3\%.$

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

$A{}^2.$

Note: Do not round Intermedlate calculatlons. Round your answers to $4$ decimal places. Negatlve amounts should

be Indlcated by a minus sign.