Principles of Corporate Finance (10th Edition) , Chapter 7, Problem 17P. How to solve it step by step?

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17. Table 7.9 shows standard deviations and correlation coefficients for eight stocks from differ ent countries. Calculate the variance of a portfolio with equal investments in each stock. Correlation Coefficients Canadian Deutsche Tata 0.09 0.40 Standard Pacific 0.19 Bank 0.23 Fiat 0.20 Nestl 0.16 BP Heineken LVMH Motors Deviation 0.34 0.39 0.73 BP Canadian Pacific Deutsche Bank Fiat Heineken LVMH Nestl Tata Motors 0.30 22.2% 0.43 0.31 0.34 0.17 23.9 29.2 35.7 18.9 20.8 15.4 43.0 0.74 0.73 0.64 0.64 0.49 0.47 0.51 0.52 0.68 0.53 0.50 0.60 0.43 0.66 TABLE 7.9 Standard deviations of returns and correlation coefficients for a sample of eight stocks Note: Correlations and standard deviations are calculated using returns in each country's own currency; in other words, they assume that the investor is protected against exchange risk