Here are the monthly historical closing prices for the following securities and indexes from 2016 to 2021: HSI (Hang Seng Index). Calculate the holding period return for the index i in month t by

is the price of index/security i at the end of month t. (Note: the stock prices are already adjusted for dividends and stock splits, so you dont need to worry about them.)

Please show all your steps including FORMULAS & RESULTS in Excel.

Date	HSI
January 31, 2016	19683.11
February 29, 2016	19111.93
March 31, 2016	20776.7
April 30, 2016	21067.05
May 31, 2016	20815.09
June 30, 2016	20794.37
July 31, 2016	21891.37
August 31, 2016	22976.88
September 30, 2016	23297.15
October 31, 2016	22934.54
November 30, 2016	22789.77
December 31, 2016	22000.56
January 31, 2017	23360.78
February 28, 2017	23740.73
March 31, 2017	24111.59
April 30, 2017	24615.13
May 31, 2017	25660.65
June 30, 2017	25764.58
July 31, 2017	27323.99
August 31, 2017	27970.3
September 30, 2017	27554.3
October 31, 2017	28245.54
November 30, 2017	29177.35
December 31, 2017	29919.15
January 31, 2018	32887.27
February 28, 2018	30844.72
March 31, 2018	30093.38
April 30, 2018	30808.45
May 31, 2018	30468.56
June 30, 2018	28955.11
July 31, 2018	28583.01
August 31, 2018	27888.55
September 30, 2018	27788.52
October 31, 2018	24979.69
November 30, 2018	26506.75
December 31, 2018	25845.7
January 31, 2019	27942.47
February 28, 2019	28633.18
March 31, 2019	29051.36
April 30, 2019	29699.11
May 31, 2019	26901.09
June 30, 2019	28542.62
July 31, 2019	27777.75
August 31, 2019	25724.73
September 30, 2019	26092.27
October 31, 2019	26906.72
November 30, 2019	26346.49
December 31, 2019	28189.75
January 31, 2020	26312.63
February 29, 2020	26129.93
March 31, 2020	23603.48
April 30, 2020	24643.59
May 31, 2020	22961.47
June 30, 2020	24427.19
July 31, 2020	24595.35
August 31, 2020	25177.05
September 30, 2020	23459.05
October 31, 2020	24107.42
November 30, 2020	26341.49
December 31, 2020	27231.13
January 31, 2021	28283.71
February 28, 2021	28980.21
March 31, 2021	28378.35
April 30, 2021	28724.88
May 31, 2021	29151.8
June 30, 2021	28827.95
July 31, 2021	25961.03
August 31, 2021	25878.99
September 30, 2021	24575.64
October 31, 2021	25377.24
November 30, 2021	23475.26
December 31, 2021	23397.67

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