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Q3.a. The following are the historical stock returns of Apple and Amazon Month Apple Amazon January +15 +7 February -3 +1 March +5 +4 |^|7|4 +7 April May +13 -4 +2 June +3 +5 July -2 -3 | August -8 -2 i. ii. 111. Calculate the variance and volatility of the returns of each stock. Which stock is riskier if held on its own? Calculate the returns in each month of a portfolio that invests an equal amount each month in the two stocks. Is the variance more or less than halfway between the variance of the two individual stocks? If you were to build a portfolio of 2 risky assets, and your goal is to achieve the lowest possible level of risk, explain (without showing a calculation) how you achieve your goal. iv