1. The historical returns for two investments - A and B - are summarised in the following table for the period 2013 to 2017. Use the data to answer the questions that follow.

Year	Rate of Return
	A	B
2013	19%	8%
2014	1%	10%
2015	10%	12%
2016	26%	14%
2017	4%	16%

1. Calculate the average return for each investment.
2. Calculate the standard deviation for each investments returns. Which investment is more risky?
3. Calculate the reward-to-variability (Sharpe) ratio for the two investments assuming that the risk-free rate is 4%. Which investment would you choose and why?