The table below shows the annual percentage return on two mutual funds over the last eight years.
Fund X (%): 8, 7, 9, 6, 8, 9, 7, 8
Fund Y (%): 15, −2, 18, −5, 20, 3, 17, −1
(i) Calculate the range of annual returns for each fund.
(ii) Calculate the population standard deviation of the annual returns for each fund.
(iii) An investor prefers lower risk and steadier returns. Which fund would you recommend? Support your recommendation using both numerical measures and a brief explanation.