Pleas show Pictures from the excel spreadsheet of each step of the process and also show picutres of the Excel solver.. Thank you

1. The Table below shows the data on the returns over five 1-year periods for six mutual funds. A firms portfolio managers will assume that one of the scenarios will accurately reflect the investing climate over the next 12 months. The probabilities of each of the scenarios occurring are 0.1, 0.3, 0.1, 0.1, and 0.4 for years 1 to 5, respectively.

	Planning Scenarios for the Next 12 Months
Mutual Funds	Year 1	Year 2	Year 3	Year 4	Year 5
Large-Cap Stock	35.3	20.0	28.3	10.4	-9.3
Mid-Cap Stock	32.3	23.2	-.9	49.3	-22.8
Small-Cap Stock	20.8	22.5	6.0	33.3	6.1
Energy/Resources Sector	25.3	33.9	-20.5	20.9	-2.5
Health Sector	49.1	5.5	29.7	77.7	-24.9
Technology Sector	46.2	21.7	45.7	93.1	-20.1
Real Estate Sector	20.5	44.0	-21.1	2.6	5.1

1. Develop a portfolio model for investors who are willing to risk a portfolio with a return no lower than 2%.

1. Solve the model in part(a) and recommend a portfolio allocation for the investor with this risk tolerance.

1. Modify the portfolio model in part (a) and solve it to develop a portfolio for an investor with a risk tolerance of 0%.

1. Is the expected return higher for investors following the portfolio recommendations in part (c) as compared to the returns for the portfolio in part (b)? If so, do you believe the returns are enough higher to justify investing in that portfolio?