You are faced with a choice of shares from among the three detailed below

state	probablity	return on investments (%) X Ltd	return on investments (%) Y Ltd	return on investments (%) Z Ltd
Normal	0.25	24	28	4
boom	0.50	12	12	8
recession	0.25	0	4	28

a) Calculate the expected return and Risk for each share b) Calculate the Covariance between each pair of investments c) Calculate the Correlation Coefficient between each pair of investments d) Calculate the expected return and risk of the two share portfolio formed by combining together equal proportions. (i.e. 50% X and 50% Y, 50% X and 50% Z, 50% Z and 50% Y )