Consider the following limit order book of a specialist. Where is the price likely to go? 1) up 2) down 3) unchanged 4) not enough information MSFT (source: Islan4) BUY ORDERS SELL ORDERS SHARES PRICE SHARES PRICE 1.720 23.723 100 23.74 20.000 23.722 3.000 23.74 536 23.721 97 23.749 200 23.721 2.000 23.749 1.310 23.72 2,000 23.75 12. An investor invests 40% of his wealth in a risky asset with an expected rate of return of 15% and a variance of 0.04 and 60% in a treasury bill that pays 6%. Her portfolio's expected rate of return is and her portfolio return's standard deviation is 1) 8.0%, 12% 2) 9.6%, 8% 3) 11.4%, 10% 4) 13%, 12% 13. Sam purchased a 10 year par annual bond with a coupon rate of 4%. One year later, YTM drops by 1%. What's Sam's holding period return? 1) 7.8% 2) 11.8% 3) 3% 4) 5% 14. You invest $100 in a complete portfolio. The complete portfolio is composed of a risky asset with an expected rate of return of 12% and a standard deviation of 10% and a treasury bill with a rate of return of 5%. You want the portfolio's standard deviation to be at most 8%. What's the maximum expected return of the portfolio? 1) 5% 2) 8.5% 3) 10.6% 4) 12%