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4. A security analyst forecasts that each of three scenarios for the next year is equally likely: (1) a boom, (2) controlled growth (average), and (3) a recession. Under these three states of the economy, she projects returns on a specific security, the market portfolio, and Treasury bills as shown below: (i) What would be the expected return and variance for a portfolio of which 50% is invested in Treasury bills and 50% in the market portfolio? (ii) What is the equation for the Security Market Line (SML)? (iii) Is the beta for security A such that you would consider the security aggressive or defensive? (iv) What is the expected return on security A ? What expected return would be appropriate (based on the SML) for a security with the beta value of security A