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Q4 (Essential to cover a, b) Consider investors with preferences represented by the utility function U = E(r) Aaz. a. Draw the indifference curve representing a utility level of 10% for an investor with a risk aversion parameter A = 3 in expected return-standard deviation space. b. In the same graph, draw the indifference curve representing a utility level of 15% for an investor with a risk aversion parameter A = 3. c. In the same graph, draw the indifference curve representing a utility level of 10% for an investor with a risk aversion parameter A = 5. Q5 (Essential to Cover) Consider two assets which are negatively correlated. Suppose the distribution of return scenarios for these assets in different probability weighted future scenarios is given by: State Probability of Asset 1 Asset 2 State Return Return Strong 0.25 30% -9% Steady 0.60 15% -3% Recession 0. 15 -40% 19% a. What is the expected return and standard deviation of Asset 1 and Asset 2 respectively? What is the covariance and correlation between Asset 1 and Asset 2? b. We want to construct a portfolio weighted 60% in Asset 1 and 40% in Asset 2. What is the portfolio expected return and standard deviation? 0. A risk-'ee portfolio can be constructed between these two assets. What will be the portfolio weightings and expected return of this portfolio? Is this a desirable hedging strategy