Solve without excel please

show all equations and work please

(2) Consider the following information about Stocks A and B State of Economy Boom Normal Recession Probability of State of Economy 0.25 0.50 0.25 Stock A 0.06 0.21 0.02 Stock B 0.44 0.09 -0.25 The market risk premium is 8 percent, and the risk-free rate is 4 percent. Which stock has the most systematic risk? Which one has the most unsystematic risk? Which stock is "riskier? Fully explain the rationale behind your argument. (8 marks) (2) Consider the following information about Stocks A and B State of Economy Boom Normal Recession Probability of State of Economy 0.25 0.50 0.25 Stock A 0.06 0.21 0.02 Stock B 0.44 0.09 -0.25 The market risk premium is 8 percent, and the risk-free rate is 4 percent. Which stock has the most systematic risk? Which one has the most unsystematic risk? Which stock is "riskier? Fully explain the rationale behind your argument. (8 marks)