J. P. Morgan Asset Management publishes information about financial investments. Over the past10years, the expected return for the S&P500was5.04%with a standard deviation of19.45%and the expected return over that same period for a Core Bonds fund was5.78%with a standard deviation of2.13%(J. P. Morgan Asset Management, Guide to the Markets, 1stQuarter,2012). The publication also reported that the correlation between the S&P500and Core Bonds is -0.32. You are considering portfolio investments that are composed of an S&Pindex fund and a Core Bonds fund.

a.Using the information provided, determine the covariance between the S&P500and Core Bonds. Round your answer to two decimal places. If required enter negative values as negative numbers.