Issume a scenario where there are 3 funds and 4 states of the world. State 1,2,3 nd 4 have probabilities of 0.2,0.3,0.25, and 0.25 of happening respectively. The eturns for each fund and state are provided in the following table: (a) Calculate the expected return and the risk for each fund. (b) Rank the funds to an investor with a utility function of U=R0.52, where R is the expected return and 2 is the variance. (c) Based on your results in part (b), what should be the additional premium on the second ranked fund to be as attractive as the first fund. (d) Based on the information provided in the table, can you identity an 'expansion' and a 'contraction' state? Justify your