Hi Chegg. Please help me to solve this question. Thanks!

Question 1 Suppose a person has mean variance preferences over retums, X, given by (X) = E[X] - (2/3) Var[X]. There are three assets: 1. A riskless asset with a return of 2%. 2. A risky asset with a return of 20% and a standard deviation of 20%, i.e. the variance is 0.22 3. A risky asset with a retum of 40% and a standard deviation of 50%, i.c., the variance is 0.52 4. The covariance between the two risky assets is 0.2. Thus, if x. i = 1, 2, 3 are the fractions of income invested into the three assets, then the variance of the portfolio is 0.22x3 +0.52x} + (20.2.x1x2 = 0.04x} +0.25x3 + 0.4x142 Formally specify the portfolio optimization problem, and solve for the optimal port- folio