Table 1 shows the returns of security X (x) and Y (y). Table 1: The returns of security X and Y Given that the states are equally likely you are required to: (a) Test whether diversification is possible {5 marks } (b) Find the optimal holdings of security X and Y that will guarantee minimum risk {5 marks\} (c) Find and interpret the covariance between portfolio A which is 75% in x and the minimum variance portfolio in 2(b) above. {5 marks }