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Stock M and Stock N have have the following expected returns for the next three years: 12 percent, -10 percent, and 32 percent; and 15

Stock M and Stock N have have the following expected returns for the next three years: 12 percent, -10 percent, and 32 percent; and 15 percent, 6 percent, and 24 percent, respectively. If the probability of each expected future return is 33.3333% (each future return is equally likely), calculate the covariance between the two securities.

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