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How many shares would you need to hold in a portfolio to have an annual volatility of no more than 22%, assuming that volatility of

  1. How many shares would you need to hold in a portfolio to have an annual volatility of no more than 22%, assuming that volatility of all stocks is 30%, that covariance between the stocks is 4%, that stock betas are all equal to 1, and that idiosyncratic risk uncorrelated across stocks?

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