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Stock M and Stock N have had the following returns for the past three years: 10%, -10%, and 30%; and 16%, 5%, and 25%, respectively.

Stock M and Stock N have had the following returns for the past three years: 10%, -10%, and 30%; and 16%, 5%, and 25%, respectively. Calculate the covariance between the two securities. (Ignore the correction for the loss of a degree of freedom set out in the text.).

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