Please answer these questions through excel if calculations are neccesary in the question! Show all formulas. IF YOU ARE NOT GOING TO USE EXCEL, DO NOT ANSWER

21. (0.2 point) 2 An aggressive security (a) has a large, positive beta. (b) will have a small covariance with market returns. (c) will have a small variance. (d) has a flat market line. (e) will have a low error term. 22. (0.2 point) From the market model, the unique risk is the (a) market risk. (b) unsystematic risk. (c) beta risk. (e) systematic risk. (d) market variance. 23. (0.2 point) Diversification will (a) not reduce a portfolio's total risk. (b) increase a firm's market risk. (c) increase a portfolio's total risk. (d) not reduce a portfolio's unsystematic risk. (e) reduce a portfolio's unique risk. 24. (0.5 point) Security A has a beta of 0.9 and a standard deviation of its error term of 8t. If the standard deviation of the market is 10%, the total variance for Security A is (a) 17.2. (b) 73.0. (c) 145.0. (d) 154.0. (e) 181.0. 25. (0.5 point) Security Y has a total variance of 225. Its beta is 1.2 and the market variance is 100. The standard deviation of its random error term is (a) 69. (b) 148. (c) 34. (d) 98. (e) 111. 3 point) and c in the respective proportions of 0.3, heta for the