Mean -variance investor risk aversion (RA) level is 3. The expected return and standard deviation of three assets classes are as below, Assets Class Expected Return Standard deviation of return 12% 20% 9% 10% 7% 8% Calculate the risk adjusted return (expected utility) of each assets class and its sharp ratio if the risk-free rate of return is 5%. If the short fall level is 4% select the investors' best assets allocation. (20 marks)