Given the following information about four potential investment properties under three

different economic scenarios $($pessimistic$,$ most likely, and optimistic$),$ which property is the

least risky investment?

Property Expected return Risk

Retail $10\%8\%$

Apartment $15\%6\mathrm{.}55\%$

Hotel $18\%6\mathrm{.}55\%$

Office $21\%9\mathrm{.}25\%$

$3$