(Only upload in MS work or PDF version, 5 points will be deducted if file is in image or other formats) 1. Suppose you have a risky portfolio that has an expected return of 15% and a standard deviation of 22%. Return from risk free assets is 5%. You have three clients. Following is their capital allocation according to their choices - a) Show expected returns and standard deviation of the rate of returns of portfolio consisting of risky and risk-free asset of each client. Show the calculation in detail. (5 points) b) Now that you run a survey on clients' risk averseness and find out the risk aversion (A) of client A is 2 , client B is 3 , and client C is 5 . The utility function to measure each client's utility level is: For each of the following weights in risk-free and risky portfolio, calculate each client's utility level. Based on utility levels you calculated for each client, find out the optimal allocation in risky and risk-free assets for client A, client B, and client C. Note that a desired weight or allocation is what maximizes a client's utility level. (5 points)