Airline companies' sales are pro-cyclical, that is sales are expected to increase during expansions and decrease during

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Airline companies' sales are pro-cyclical, that is sales are
expected to increase during expansions and decrease during
recessions. An investor would like to investigate the opportunity
of buying shares in Flying Elephant Airlines. He hires you as a
financial consultant to estimate the standalone risk of such an
investment using prospective analysis.
1. According to the table above, which scenario is most likely to
happen?
2. Calculate the expected rate of return E(r).
E(r) is equal to ?

3. Calculate the variance
=

4. Calculate the standalone risk in percentage terms.
The standalone risk is equal to?