The table below presents the state-based returns of securities A and B, the risk-free security and the market portfolio, where p is the probability of each state. Use the information therein to answer parts a and b.

State	p	Security A	Security B	Risk-free security	Market portfolio
Recession	0.5	-4%	44%	2%	-6%
Normal	0.4	10%	-10%	2%	20%
Boom	0.1	40%	-30%	2%	30%

1. Calculate the expected return and its standard deviation of securities A and B.
2. Suppose you borrow $30,000 at the risk-free rate and along with the $60,000 you have, you invest $15,000 in security A and $75,000 in security B. Calculate the expected return, its standard deviation and the CAPM-implied beta of this portfolio.

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