Problem $6$

Assume the given data:

What is the approximated expected utility of all portfolios for all investors? Which

portfolio is the best $($the worst$)$ for investors with the following risk aversion levels?

a$)4.$

b$)5.$

c$)6.$

Problem $7$

What investing strategy of every investor from the previous problem will be if the

market risk$-$free rate is $4\mathrm{.}12\%?$