A manager prepares risk and return information for three different funds:

Expected Return

Expected Standard Deviation $(\backslash$sigma $)$

Fund $1$

$0\mathrm{.}15$

$0\mathrm{.}17$

Fund $2$

$0\mathrm{.}20$

$0\mathrm{.}20$

Fund $3$

$0\mathrm{.}25$

$0\mathrm{.}23$

If an investor's risk aversion is $8,$ then the fund with the highest utility for that investor is most likely? Fund $1$ Fund $2$ Fund $3$