2005	11.88%	28.06%	44.74%	65.12%	-3.83%	-0.80%	11.99%	10.93%	2.23%
2006	17.61%	33.43%	1.71%	12.02%	60.28%	5.79%	36.03%	31.32%	48.38%
2007	-4.26%	29.02%	35.35%	8.76%	-16.98%	21.02%	-17.88%	26.61%	0.78%
2008	51.88%	41.45%	24.87%	11.44%	-39.27%	22.48%	-7.30%	29.57%	22.20%
2009	-4.86%	-19.83%	-23.62%	0.73%	20.74%	18.15%	77.99%	-9.85%	2.18%
2010	22.42%	67.53%	-41.39%	64.69%	71.60%	20.67%	30.05%	12.75%	11.64%
2011	14.88%	-2.83%	-29.73%	13.10%	36.90%	-6.85%	-31.35%	41.69%	9.62%
2012	62.68%	40.18%	-28.75%	23.40%	2.26%	37.38%	6.39%	29.99%	10.93%
2013	-7.16%	52.68%	39.84%	-38.61%	-15.80%	8.32%	60.54%	48.08%	24.16%
2014	-1.78%	42.20%	47.57%	22.63%	42.08%	-32.02%	-8.94%	14.92%	42.08%
2015	7.61%	24.67%	33.63%	-2.75%	39.74%	32.54%	-31.07%	42.65%	-6.99%
2016	22.78%	31.64%	-13.79%	0.41%	4.11%	58.56%	15.45%	2.66%	47.79%
2017	-6.41%	30.32%	5.65%	15.82%	26.04%	32.14%	50.65%	66.90%	7.07%
2018	23.65%	0.39%	3.79%	41.63%	28.54%	38.08%	56.74%	-10.09%	15.37%
2019	13.25%	11.95%	7.28%	31.94%	-6.25%	54.92%	-10.34%	18.40%	-3.67%

The tab labeled "DATA" contains 31 yearsof returns for nine securities. You are to calculate means and standard deviations, and develop the full square variance/covariance matrix, then do the following: 1. Using the matrix approach, develop a spreadsheet that calculates the nean and standard deviation of returns for an equally weighted portfolio of all nine stocks. 2. Using SOLVER, determine the weights in an efficient portfolio with a target return of 25%, allowing for short sales. Do the same, but DO NOT allow for short sales. StockA Stock2 1989 -7.93% 26. 59% 1990 95. 43% 14. 49% 1991 14.74% 22. 96% 1992 0.58% 4.79% 1993 6.54% 6. 37% 1994 34.79% 35. 75% 1995 26.58% 14.91% 1996 32. 25% 51.92% 1997 13.12% 8.89% 1998 7.51% 40.42% 1999 -4.11% 24.04% 2000 8.81% 12.34% 2001 -5.90% -36.38% 2002 8.54% 44.95% 2003 56. 13% 75.01% 2004 -6.65% 11.09% Stock -24.75% 45.36% 12.54% -6.61% 46.51% 17. 59% -1.48% 11. 61% 4.89% -19.82% 8.98% 65. 97% 31.63% 1.73% -25. 27% 41.50% StockIV Stock5 33. 37% 52. 43% -19.43% 11.64% 44. 43% 6.26% 32. 15% 13.02% -23. 78% -9.00% 23. 18% -4.39% -25.92% 10. 84% 0.91% 28. 23% 19. 89% 2.52% -14.31% 27. 59% 51. 30% 43. 92% 7.44% 55. 73% 60. 96% 30.57% 35.40% 6.77% 58. 49% 14.97% 13.46% 22. 82% StockVI Stock -7.62% 65. 83% -16.26% 54.48% -4.81% 16.07% 7.46% 25.33% -3.66% -51.41% -15. 40% 35. 97% 45.36% 18.50% 13.09% -25.01% 16. 30% 83.04% 20.95% -3.48% 13. 14% 18.62% -22.32% 18.68% -9.97% -17. 90% 16. 23% 39.37% 19.78% 2.54% 34.48% 16. 40% Stock8 StockIX 31. 11% -10.35% 8.76% 34.37% 22. 49% -13.07% 39.58% 8.01% 3.45% 76.21% 16. 24% 68.22% 63. 61% -15. 88% -0.29% 28.44% 7. 63% -13.57% 34.17% 23. 85% 7.68% 21. 50% 20.04% 2. 93% 9. 68% 47.51% -38. 98% 35. 83% 13.03% 18. 18% 43.59% 34.56% The tab labeled "DATA" contains 31 yearsof returns for nine securities. You are to calculate means and standard deviations, and develop the full square variance/covariance matrix, then do the following: 1. Using the matrix approach, develop a spreadsheet that calculates the nean and standard deviation of returns for an equally weighted portfolio of all nine stocks. 2. Using SOLVER, determine the weights in an efficient portfolio with a target return of 25%, allowing for short sales. Do the same, but DO NOT allow for short sales. StockA Stock2 1989 -7.93% 26. 59% 1990 95. 43% 14. 49% 1991 14.74% 22. 96% 1992 0.58% 4.79% 1993 6.54% 6. 37% 1994 34.79% 35. 75% 1995 26.58% 14.91% 1996 32. 25% 51.92% 1997 13.12% 8.89% 1998 7.51% 40.42% 1999 -4.11% 24.04% 2000 8.81% 12.34% 2001 -5.90% -36.38% 2002 8.54% 44.95% 2003 56. 13% 75.01% 2004 -6.65% 11.09% Stock -24.75% 45.36% 12.54% -6.61% 46.51% 17. 59% -1.48% 11. 61% 4.89% -19.82% 8.98% 65. 97% 31.63% 1.73% -25. 27% 41.50% StockIV Stock5 33. 37% 52. 43% -19.43% 11.64% 44. 43% 6.26% 32. 15% 13.02% -23. 78% -9.00% 23. 18% -4.39% -25.92% 10. 84% 0.91% 28. 23% 19. 89% 2.52% -14.31% 27. 59% 51. 30% 43. 92% 7.44% 55. 73% 60. 96% 30.57% 35.40% 6.77% 58. 49% 14.97% 13.46% 22. 82% StockVI Stock -7.62% 65. 83% -16.26% 54.48% -4.81% 16.07% 7.46% 25.33% -3.66% -51.41% -15. 40% 35. 97% 45.36% 18.50% 13.09% -25.01% 16. 30% 83.04% 20.95% -3.48% 13. 14% 18.62% -22.32% 18.68% -9.97% -17. 90% 16. 23% 39.37% 19.78% 2.54% 34.48% 16. 40% Stock8 StockIX 31. 11% -10.35% 8.76% 34.37% 22. 49% -13.07% 39.58% 8.01% 3.45% 76.21% 16. 24% 68.22% 63. 61% -15. 88% -0.29% 28.44% 7. 63% -13.57% 34.17% 23. 85% 7.68% 21. 50% 20.04% 2. 93% 9. 68% 47.51% -38. 98% 35. 83% 13.03% 18. 18% 43.59% 34.56%