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Stock M and Stock N have had the following returns for the past three years: 21 percent, 19 percent, 41 percent; and 24 percent, 15

Stock M and Stock N have had the following returns for the past three years: 21 percent, 19 percent, 41 percent; and 24 percent, 15 percent, and 33 percent, 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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