Question Three [16 marks] Angela, a savvy investor currently hold a portfolio with only two stocks when the risk free rate of interest is at 5% and the average market return is at 12% The portfolio involves 60% in NCB stock and the remainder in CCC. The beta of NCB is current 1.5 and the beta of CCL is 0.90. Required: a. Define what is a portfolio and outline the objective of holding a portfolio [4 marks] b. Distinguish between traditional and modern portfolio theory [2 marks] c. Outline the role of the correlation coefficient in portfolio analysis [4 marks] d. Calculate the portfolio beta and the portfolio return [6 marks]