Construct an efficient portfolio with the optimum weights that will provide the best risk and return combinations for the new portfolio using stocks you selected. For this analysis, you should use the SOLVER function in Excel. A. Establish separate cells for each stock to list weight in a portfolio and establish a cell for each month that calculates the portfolio return using the portfolio weights. You would like to allow the portfolio weights to vary, so you need to list the weights for each stock in separate cells and establish another cell that sums the weights of the stock. You can put 1/(#of stocks you selected) into each cell for weight if you make an equally weighted portfolio. The portfolio returns for each month must reference these weights for Excel Solver to be useful. In the following steps (B,C,D,E,F), compute the monthly mean return and standard deviation of the portfolio and convert these values to annual numbers (as you did in step 1-C) for easier interpretation. B. Make a minimum variance portfolio when short sales are not allowed. Use the Solver tool in Excel. To set the solver parameter: i. Set the target cell that computes the annual portfolio variance or standard deviation. Minimize this value (Refer the Excel file attached). ii. Establish the By Changing Cells by holding the Control key and clicking in each of the cells containing the weights of each stock. iii. Add constraints by clicking the Add button next to the Subject to the Constraints box. The constraint is that the weights will sum to one. Check a box to set the weight of each stock to be greater than or equal to zero. iv. Click Solve and you will get a solution if the parameters are set correctly. If there is an error, you will need to double-check the parameters, especially the constraints. C. Next, make a portfolio that has the lowest standard deviation for a target level of the expected return. i. Start by finding the portfolio with an expected return 2% higher than that of the minimum variance portfolio made in step B. To do this, add a constraint that the annual portfolio return equals this target level. Click Solve and record the standard deviation and mean return of the solution and be sure the mean equals target. ii. Repeat step C-i raising the target return in 2% increments, recording the results for each step. Continue to increase the target return and record the result until Solver can no longer find a solution. iii. At what level does Solver fail to find a solution? Why? D. Plot the efficient frontier with the constraint of no short sales. To do this, create an XY Scatter Plot with portfolio standard deviation on the x-axis and the return