For this question, assume that each stock has the same variance of return (2), the correlation between all pairs of stocks is the same ()

For this question, assume that each stock has the same variance of return (σ2), the correlation between all pairs of stocks is the same (ρ) and stocks are equally weighted. Suppose the average variance of return of all stocks in a portfolio is 605 and the correlation between the returns of any two stocks is 0.31. Calculate the variance of return of an equally weighted portfolio of 30 stocks. Then state that variance as a percent of the portfolio variance achievable given an unlimited number of stocks, holding stock variance and correlation constant.