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8 The returns on shares S and T vary depending on the state of economic growth. ? State of economy Probability of economic state occurring Returns on S if economic state occurs (%) Returns on T if economic state occurs (%) Boom Growth Recession 0.15 0.70 0.15 45 20 -10 18 17 16 a Required Calculate the expected return and standard deviation for share S. b Calculate the expected return and standard deviation for share T. What are the covariance and the correlation coefficient between returns on S and returns on T? d Determine a portfolio expected return and standard deviation if two-thirds of a fund are devoted to S and one- third devoted to T