Please use the following table for question 1: Bear Market Normal Market Bull Market Probability 02 03 Stock X Stock Y -20% -15% 18% 20% 30% 10% 1. Given these three market scenarios, what is the expected return of Stock X? (10 points) a. 16% b. 5% c. 20% d. 10% e. None of the above. 2. The beta of JCP stock has been estimated as 1.2 using regression analysis on a sample of historical returns for the S&P 500. What is the interpretation of this equity beta? (10 points) a. As the S&P 500 increases by 1%, JCP increases by 0.12%. b. As the S&P 500 increases by 1%, JCP decreases by 0.12%. c. As the S&P 500 increases by 1%, JCP decreases by 1.2%. d. As the S&P 500 increases by 1.2%, JCP increases by 1%. e. As the S&P 500 increases by 1%, JCP increases by 1.2%