$(4$ points$)$ Assume that each stock has the same return variance and the correlation between all pairs

of stocks is the same. Suppose the average variance of return of all stocks in a portfolio is $380$ and the

correlation between the returns of any two stocks is $0\mathrm{.}32.$ Calculate the variance of return of an equally$-$

weighted portfolio of $35$ 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.