3. Using sample average returns and standard deviations of the volatility strategy provided in class slides, calculate the optimal proportion that a mean-variance utility investor would invest in the volatility strategy in the following scenarios: a) Risk-free rate is 0.50% and y = 3. b) Risk-free rate is 0.50% and y = 5. c) Risk-free rate is 0.75% and y = 3 Average return is approximately the same, at around 10% Dispersion, as measured by standard deviation = 15%, is also approximately the same