Given the following data about risky portfolios P and M and the risk-free asset (T-bills):

State	State 1 (recession)	State 2 (normal)	State 3 (boom)
State probability	0.4	0.4	0.2
Return, P	-0.15	0.15	0.45
Return, M	-0.18	0.28	0.35
Return, T-bills	0.05	0.05	0.05

1. Find the expected return, variance, standard deviation, and Sharpe ratio of P

2. Find the expected return, variance, standard deviation, and Sharpe ratio of M

3. Find the covariance between P and M

4. Assuming M is the true market portfolio, find beta of P

5. Find alpha of P. Based on alpha, and assuming M is the true market portfolio, is portfolio P priced correctly?