the 7.5% project if he is risk averse, in that he can expect to earn a 12.5% return on his investment.
the 5% project if he is risk averse, in that he expects to earn a 5% return with little variability.
the 5% project if he is risk loving, in that it is possible for him to earn up to a 6% return.
the 7.5% project if he is risk loving, in that he can expect to earn 12% return on his investment, given the standard deviation of 5%.