Exercise 4 The annual yield of Treasury bill was 4 %. The average annual return of the market portfolio (S&P 500) was 8 %. The following table contains the variances and covariance of stocks and the market portfolio. Covariance matrix of the selected stock's returns ARRAY NVIDIA CISCO Facebook NASDAQ Bio Telemetry ARRAY Bio NVIDIA CISCO Facebook NASDAQ Telemetry 0,81% 0,06% 0,21% -0,11% 0,08% 0,31% 0,16% 0,01% 0,11% 0,11% -0,33% -0,02% -0,61% -0,23% 0,13% -0,11% 0,02% 0,14% 1,06% 0,19% 4,15% What are the betas of the stocks? What are the expected returns of the stocks based on the CAPM