Stock Returns	Portfolio Returns
Half N.A. and Half W.A.	Half W.A. and Half T.O.
Year	North Air	West Air	Texas Oil
2017	21%	9%	2%	15.0%	3.5%
2018	30%	21%	5%	25.5%	8.0%
2019	7%	7%	9%	7.0%	8.0%
2020	5%	2%	21%	3.5%	9.5%
2021	2%	5%	30%	3.5%	12.5%
2022	9%	30%	7%	19.5%	18.5%
Average Return	10.0%	10.0%	10.0%	10.0%	10.0%
Volatility	13.4%	13.4%	13.4%	12.1%	5.1%

a. Compute the annual returns for a portfolio with 25% invested in North Air, 25% invested in West Air, and 50% invested in Texas Oil.

The annual return for

2017

will be:(Round to two decimal places.)

Year	North Air	West Air	Texas Oil	Portfolio
2017	21%	9%	-2%		%

b. What is the lowest annual return for your portfolio in part (a)? How does it compare with the lowest annual return of the individual stocks or portfolios in the table above.