In the spreadsheet Assignment 3 data.xls, you find two worksheets:

- The worksheet NFRK contains estimates for the annual investment return to the Kazakh National Oil Fund (NFRK). The calculations make corrections for the annual contributions to and withdrawals from the fund and the fluctuations of the USDKZT exchange rate. The focus is on annual net decimal USD returns over the yield that could have been earned by buying 12-month US Treasury bills on the first trading day of January. The data about the investment income, contributions and withdrawals are taken from the homepages of the local National Bank and the Treasury.

- The worksheet Asset classes contains the corresponding returns to six asset classes for the same period: US stocks, US 12-month bills, US 10-year Treasury bonds, US corporate bonds, real-estate and gold. The returns are again annual net decimal excess USD returns. The numbers are based on data from Professor Damodarans homepage at Stern University.

1. The calculations are given only for the years from 2001 through 2016. Collect the needed data about the remaining years from 2017 through 2022. That is, you are asked to fill the empty cells in the array B20:I25 which is colored in blue. You may search the information on the homepage of the local national bank and Treasury or look for the annual report of the oil fund. If some information is missing, then you may use the following approximation: End = Begin + Net Contribution + Investment Income, where Net Contribution = Contribution Withdrawal. Using the same methodology as in the spreadsheet, compute the annual USD excess returns for 2017-2022.

\begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline A & B & c & D & E & F & G & H & 1 \\ \hline & Begin Value & Invest income & Net Contribution & End Value & Avg FX USDKZT & \begin{tabular}{c} Nominal Return in \\ USD \end{tabular} & US T-bill rate & \begin{tabular}{c} Excess Return in \\ USD \end{tabular} \\ \hline 2000 & & & KZT 197353993,00 & KZT 197353993,00 & 143,18 & & 0,06 & \\ \hline 2001 & KZT 197353993,00 & KZT 10096227,00 & -KZT 17642551,00 & KZT 189807669,00 & 147,94 & 0,0197 & 0,03 & 0,0143 \\ \hline 2002 & KZT 189807669,00 & KZT 8074548,00 & KZT 101228 439,00 & KZT 299110 656,00 & 152,67 & 0,0016 & 0,02 & 0,0145 \\ \hline 2003 & KZT 299110656,00 & KZT 89373109,00 & KZT 139749756,00 & KZT 528233521,00 & 150,05 & 0,2639 & 0,01 & 0,2538 \\ \hline 2004 & KZT 528233521,00 & -KZT 13526459,00 & KZT 152315 183,00 & KZT 667022245,00 & 135,99 & 0,0787 & 0,01 & 0,0650 \\ \hline 2005 & KZT 667022 245,00 & KZT 44455468,00 & KZT 368532919,00 & KZT 1080010632,00 & 132,67 & 0,0786 & 0,03 & 0,0471 \\ \hline 2006 & KZT 1080010 632,00 & KZT 75035594,00 & KZT 698352 166,00 & KZT 1853398 392,00 & 126,03 & 0,1080 & 0,05 & 0,0607 \\ \hline 2007 & KZT 1853398 392,00 & KZT 30847245,00 & KZT 849105701,00 & KZT 2733351338,00 & 122,55 & 0,0423 & 0,04 & 0,0013 \\ \hline 2008 & KZT 2733351338,00 & -KZT 66237514,00 & KZT 643669431,00 & KZT 3310783255,00 & 120,32 & 0,0035 & 0,01 & 0,0172 \\ \hline 2009 & KZT 3310783255,00 & KZT 961397341,00 & KZT 228522530,00 & KZT 4500703 126,00 & 147,48 & 0,0448 & 0,00 & 0,0433 \\ \hline 2010 & KZT 4500703 126,00 & KZT 134173641,00 & KZT 1069567 522,00 & KZT 5704444289,00 & 147,48 & 0,0266 & 0,00 & 0,0252 \\ \hline 2011 & KZT 5704444289,00 & KZT 112802527,00 & KZT 2171108363,00 & KZT 7988355 179,00 & 146,73 & 0,0218 & 0,00 & 0,0213 \\ \hline 2012 & KZT 7988355 179,00 & KZT 383659598,00 & KZT 2074524008,00 & KZT 10446538785,00 & 149,14 & 0,0257 & 0,00 & 0,0248 \\ \hline 2013 & KZT 10446538785,00 & KZT 559259992,00 & KZT 2020308384,00 & KZT 13026107 161,00 & 152,2 & 0,0277 & 0,00 & 0,0271 \\ \hline 2014 & KZT 13026107 161,00 & KZT 1862203663,00 & KZT 1540988588,00 & KZT 16429299 412,00 & 178,82 & 0,0340 & 0,00 & 0,0343 \\ \hline 2015 & KZT 16429299 412,00 & KZT 10162625919,00 & -KZT 837566 261,00 & KZT 25754359070,00 & 222,19 & 0,3157 & 0,00 & 0,3152 \\ \hline 2016 & KZT 25754359070,00 & KZT 415109609,00 & -KZT 1733664581,00 & KZT 24435804098,00 & 341,9 & 0,3393 & 0,00 & 0,3425 \\ \hline 2017 & & & & & 326,9 & & 0,01 & \\ \hline 2018 & & & & & 345,1 & & 0,02 & \\ \hline 2019 & & & & & 383,04 & & 0,02 & \\ \hline 2020 & & & & & 414,09 & & 0,00 & \\ \hline 2021 & & & & & 426,7 & & 0,00 & \\ \hline 2022 & & & & & 461,72 & & 0,02 & \\ \hline \end{tabular}