Consider the following information on pharmaceutical companies, Pfizer Inc. PFE, Johnson & Johnson JNJ and Merck MRK State of Economy Recession Normal Boom Probability of State of Economy 10.0% 25.0% 65.0% Rate of Return if State Occurs PFE JNJ MRK 2.25% -6.75% 4.85% 22.15% 12.25% 27.22% 41.35% 18.60% 36.40% The market risk premium is 7.5% and the risk-free rate is 3.85%. Determine the expected return and standard deviation for each stock. Which stock has the most systematic risk? Which stock is riskier overall? Show the work on Excel. Provide the formula