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1. (a) List FIVE (5) characteristics of a perfect capital market. (5 marks) (b) General Electronics Corporations is considering three possible capital investment projects. The projected returns depend on the future state of the economy as given below: State of Probability of Projected Return (%) economy Occurrence 1 2 3 Recession 0.20 10 8 12 Stable 0.60 15 13 8 Boom 0.20 21 25 8 Required to calculate: i. Expected return and standard deviation for each projects. (16 marks) ii. Return on portfolio if the company wants to invest in each project equally. (4 marks)