1. You are running an investment fund that is considering passively investing in 5 different countries by buying an ETF for each country. You have put together the following expected returns, expected standard deviations and expected correlation coefficients: Country Er Dev 10 12 09 26 21 25 29 Correlation D E 35 25.35 .31 40 .24 42 .35.29.3.2 (a) What is the highest portfolio expected return if you are required to have at least 10% in each ETF but not more than 30%? Explain. (b) Create a table showing the equally weighted () expected return and (ii) standard deviation for following 11 portfolios: (i) 20% in each of the 5 ETFs (ii)All 10 pairwise portfolios (c) Draw a graph that shows the expected return and standard deviations of the 5 ETFS and the 11 portfolios from part (b) (d) If the risk-free rate is 3%, draw an approximate efficient frontier and find the exact expected return and standard deviation of the optimal portfolio