You are the financial manager of Brightvest (Pty) Ltd. You have been able to gather the following limited information related to two investment opportunities: Investment in shares of Company X Despite the limited number of readings, a normal distribution of returns may be assumed. Past performance is considered to reflect expected future performance. Information related to returns for the shares listed on the Johannesburg Stock Exchange (JSE) over the past 5 years are given below: Year Return * 2019 20% 2020 - 15% 2021 17% 2022 24% 2023 Note 1 * The two components of return are the dividends received and capital appreciation of the share. Note 1 At the beginning of 2023 Brigitte Botha purchased 500 shares of Company X on the JSE at R25 per share. The book value per share on that date was R10. During the course of 2023 Company X paid a dividend of R1.70 per share. At the end of 2023 Company X reported earnings of 470 cents per share and the book value per share was reported as R13.80 per share. The shares traded at R30.30 on the JSE at that date. Your assistant financial manager has calculated the standard deviation of the above returns correctly as 17.17%. Investment in shares of Company Y The future returns to investors are heavily dependent upon factors that cannot be predicted with certainty. However, probabilities of occurrence have been established and are shown below: State of the economy Probability Return Boom 10% 40% Strong economy 25% 30% Moderate economy 50% 20% Recession 10% 10% You have determined that there is also a chance that a deep recession will be experienced. In the highly unlikely event of this occurring returns are expected to fall to -30%. 1. Calculate the return in year 2023 as well as the expected return on investment in shares of Company X.