You are going to add one of these three projects to a diversified portfolio.

Project 1
Probability	Return	Standard Deviation	Beta
75% Chance	15%	8.66%	-.85
25% Chance	-5%
Project 2
Probability	Return	Standard Deviation	Beta
30% Chance	12%	9.35%	1
40% Chance	-2%
30% Chance	20%
Project 3
Probability	Return	Standard Deviation	Beta
10% Chance	5%	8.06%	.9
70% Chance	15%
20% Chance	-5%

If you are a risk averse investor, which one should you choose?

		Project 1
		Project 2
		Project 3
		Cannot be determined