Rows below show the monthly closing prices of three stocks between 2012 and 2018. The data were collected from Yahoo Finance. When answering these questions, ignore dividends and assume all prices are in the same currency.

Date	Rio Tinto Ltd (RIO.AX)	Apple Inc. (AAPL)	Cathay Pacific Airlines (0293.HK)
Jul-2012	49.24	87.99	12.64
Aug-2012	53.36	95.11	12.62
Sep-2012	56.94	95.88	14.04
Oct-2012	58.75	85.46	13.62
Nov-2012	66.01	84.81	14.22
Dec-2012	66.36	79.12	15.06
Jan-2013	67.05	65.59	14.48
Feb-2013	57.20	62.57	13.28
Mar-2013	55.80	63.13	13.64
Apr-2013	55.18	63.49	14.48
May-2013	52.37	64.39	13.56
Jun-2013	57.51	57.53	14.36
Jul-2013	58.30	65.11	13.30
Aug-2013	61.74	70.44	15.20
Sep-2013	63.99	68.35	15.38
Oct-2013	66.06	74.86	16.42
Nov-2013	68.18	79.71	16.40
Dec-2013	65.64	79.38	16.10
Jan-2014	66.84	71.80	15.80
Feb-2014	63.55	74.77	14.46
Mar-2014	61.70	76.82	14.64
Apr-2014	59.30	84.57	14.12
May-2014	59.31	90.57	14.48
Jun-2014	66.38	93.52	14.72
Jul-2014	62.63	94.90	14.40
Aug-2014	59.58	103.06	14.30
Sep-2014	60.41	100.59	14.54
Oct-2014	59.10	108.22	17.08
Nov-2014	58.00	118.81	16.90
Dec-2014	57.56	111.39	18.10
Jan-2015	64.41	118.05	17.40
Feb-2015	57.23	129.25	17.94
Mar-2015	57.15	124.82	19.98
Apr-2015	58.20	126.10	19.86
May-2015	53.75	130.28	19.06
Jun-2015	52.86	126.90	18.34
Jul-2015	50.29	121.50	14.00
Aug-2015	48.60	110.15	14.52
Sep-2015	50.65	109.07	15.44
Oct-2015	45.91	120.80	13.68
Nov-2015	44.71	118.75	13.42
Dec-2015	39.13	102.61	12.18
Jan-2016	40.28	96.47	12.40
Feb-2016	42.69	97.65	13.42
Mar-2016	51.55	108.78	12.40
Apr-2016	44.69	93.97	12.16
May-2016	45.50	99.02	11.32
Jun-2016	49.56	95.49	12.60
Jul-2016	47.60	104.41	11.16
Aug-2016	51.61	106.14	10.80
Sep-2016	54.18	112.71	10.22
Oct-2016	57.75	113.46	10.50
Nov-2016	59.90	110.37	10.24
Dec-2016	66.68	115.80	10.54
Jan-2017	61.99	127.03	11.40
Feb-2017	60.46	137.89	11.28
Mar-2017	60.44	143.71	11.20
Apr-2017	62.81	145.10	11.40
May-2017	63.27	153.17	12.12
Jun-2017	65.79	144.88	12.24
Jul-2017	67.84	149.10	11.62
Aug-2017	66.53	164.80	11.80
Sep-2017	69.45	154.26	13.34
Oct-2017	70.95	169.87	12.00
Nov-2017	75.81	169.95	12.12
Dec-2017	76.85	170.16	12.42
Jan-2018	81.16	167.17	13.26
Feb-2018	72.70	178.54	13.54
Mar-2018	79.86	166.64	12.64
Apr-2018	82.97	166.41	12.78
May-2018	83.44	187.99	12.34

e. (4 marks) Suppose that you were to invest 65% in Apple Inc., 25% in Rio Tinto Ltd and 10% in Cathay Pacific Airlines. Calculate the portfolio expected return, variance and standard deviation.

f. (4 marks) How would the expected return and standard deviation change if you decided to invest 20% in Rio Tinto Ltd, 25% in Apple Inc. and 55% in Cathay Pacific Airlines? Explain your answers. g. (5 marks) Find the weights of Apple Inc., Rio Tinto Ltd and Cathay Pacific Airlines that will provide a monthly return of greater than 0.8% with the lowest level of risk. There should be a minimum weighting of 10% for each stock. h. (5 marks) Plot a scatter diagram showing the portfolios from parts (e), (f) and (g), with the X-axis displaying standard deviation and the Y-axis displaying monthly returns. i. (4 marks) If the monthly risk-free rate is 0.12%, estimate the Sharpe ratio for the portfolios mentioned in parts (e), (f) and (g) and highlight the highest Sharpe ratio using conditional formatting.

How do you do parts E i?