please solve this problem without using the Excel and show all steps.

6. Suppose the risk-free interest rate is 6%, and the stock market will return either 50% or -25% each year, with each outcome equally likely. Compare the following two investment strategies: (1) invest for one year in the risk-free investment, and one year in the market, or (2) invest for both years in the market. a. What is the expected final payoff of strategy (1) and (2) respectively? b. What is the standard deviation for the final payoff of strategy (1) and (2) respec- tively