1. Calculate an envelope portfolio assuming the risk-free rate is 3%.

Home Insert Draw Page Layout Formulas Data Review View Acrobat Tell me Share D Comments = X Calibri (Body) v 11 AF General Conditional Formatting Format as Table Cell Styles V Insert v 5x Delete v Paste B 1 OA $ % ) Editing Ideas Et Format Create and Share Adobe PDF B18 fx A B P D E F G H 1 1 K L M N O P Q R S Variance - Covariance Matrix D 0.0004 E 0.0002 0.0023 B 0.0003 0.0350 0.0021 0.0050 0.0023 0.0001 0.0021 0.0160 0.0023 0.0029 0.0050 0.0023 0.0077 0.0022 Means 1.7000% 1.7300% 4.0100% 1.9600% D.1200% 0.0029 0.0022 0.0090 1 Efficient Portfolios Data 2 3 4 4 5 A G 6 A 0.0030 7 B 0.0003 8 -0.0001 9 D 0.0004 10 E -0.0007 11 12 13 14 15 16 17 18 19 2D 21 22 23 24 25 26 27 28 Home Insert Draw Page Layout Formulas Data Review View Acrobat Tell me Share D Comments = X Calibri (Body) v 11 AF General Conditional Formatting Format as Table Cell Styles V Insert v 5x Delete v Paste B 1 OA $ % ) Editing Ideas Et Format Create and Share Adobe PDF B18 fx A B P D E F G H 1 1 K L M N O P Q R S Variance - Covariance Matrix D 0.0004 E 0.0002 0.0023 B 0.0003 0.0350 0.0021 0.0050 0.0023 0.0001 0.0021 0.0160 0.0023 0.0029 0.0050 0.0023 0.0077 0.0022 Means 1.7000% 1.7300% 4.0100% 1.9600% D.1200% 0.0029 0.0022 0.0090 1 Efficient Portfolios Data 2 3 4 4 5 A G 6 A 0.0030 7 B 0.0003 8 -0.0001 9 D 0.0004 10 E -0.0007 11 12 13 14 15 16 17 18 19 2D 21 22 23 24 25 26 27 28