1. Michigan Investment can invest in four stocks.
2. Michigan Investment is looking for a minimum-variance portfolio that would yield an expected return of at least 13%.
   1. The template attached shows the means and standard deviations of stocks' annual returns as well as the covariance (not correlations) between the annual returns of each pair of stocks.
3. Fill in the formula in cell B17. Do not add intermediary calculations tables (i.e.., correlations). Enter a single formula to calculate variance directly from the inputs given.
4. Use Solver to determine the optimal fractions of total investment to invest in each stock.

Please replicate the spreadsheet to solve the problems accordingly and ensure to include any formula for a function or calculation used (or if any assumptions are being made, but there shouldn't be). Also, please include a screenshot of the Solver window after you have completed that part so I can see your inputs and logic. Thanks!