You are going to add one of the three projects to your already well-diversified

You are going to add one of the three projects to your already well-diversified portfolio.PROJECT 1StandardProbability Return DeviationBeta50% Chance 22% 12% 1.250% Chance -4%PROJECT 2StandardBeta Probability Return Deviation30% Chance 36% 12% 19.5 0.840% Chance 10.5%30% ChancePROJECT 3StandardProbability Return Deviation Beta10% Chance 28% 12% 270% Chance 18%20% Chance -8%Assume the risk-free rate of return is 2% and the market risk premium is 8%. If you are a risk averse investor which project should you choose?a. Either project 2 or 3 because the higher expected return on project 3 offsets its higher riskb. project 2c. project 1d. project 3