Suppose you are a British venture caitalist holding a major stake in an e-commerce start-up in Silicon Valley. As a British resident, you are concerned with the pound value of your U.S. equity position. Assume that if the American economy booms in the future, your equity stake will be worth $1026 and the exchange rate will be $1.33 per pound. If American economy experiences a recession, on the other hand, your American equity stake will be $817 and the exchange rate will be $1.38pound. You assess that the American economy will experience a boom with a 60 percent probability and a recession with a 30 percent probability. Estimate the the covariance between P & S (X.XXX)