Suppose there is a portfolio of risky assets, and the expected cash flow from the portfolio at the end of the year may be 70,000 yuan or 200,000 yuan. The probability of occurrence of both is equal, and both are 0.5. Currently, the market's alternative risk-free Treasury bills pay an annual interest rate of 6 percent. 

(1) What is the maximum amount of investment an investor is willing to pay if he asks for an 8% return on risk?

(2) If the investor invests according to the above conclusion, what is the expected rate of return on his investment?

(3) How much would investors be willing to pay if they demanded a risk return of 12%?