A company is considering investing in one of three projects - Project A, Project B, or Project C. Each project has a different expected return and a different level of risk. The following table shows the expected return and the standard deviation of each project:

Project	Expected Return	Standard Deviation
A	12%	10%
B	15%	15%
C	18%	20%

The company can only invest in one project. The risk-free rate is 5%.

a) Calculate the coefficient of variation (CV) for each project.

b) Calculate the expected utility for each project if the company's risk aversion coefficient is 2.

c) Use the expected utility criterion to determine which project the company should invest in.

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