The airline industry is severely hit by the COVID-19. Rows 6 to 85 show the daily closing prices of three stocks (i.e.,Qantas Airways Limited (QAN.AX), Singapore Airlines Limited (C6L.SI), and Cathay Pacific Airlines (0293.HK)) in the airline industry between 1 March 2021 and 23 June 2021. The data were collected from Yahoo Finance. When answering these questions, ignore dividends and assume all prices are in the same currency.

a. (5 marks) Design an Excel financial model that can help to evaluate this investment plan. Marks will be allocated for the presentation and clarity of your model (e.g., if there are clear headings, clear arrangement for input cells, appropriate use of colors, have some degree of flexibility, generate warning messages for wrong user inputs, etc.). The Excel financial model should enable you to consider the investment plan and answer the following questions:

b. (3 marks) For each stock, show the daily stock returns.

c. (3 marks) Based on the responses in part (b), calculate the average daily stock returns and standard deviation for each stock.

d. (2 marks) Calculate the correlation of daily stock returns between each pair of stocks.

Singapore Airlines Limited (C6L.SI) Date Qantas Airways Limited (QAN.AX) 2021/3/1 2021/3/2 2021/3/3 2021/3/4 2021/3/5 2021/3/8 2021/3/9 5 6 7 8 9 10 11 12 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 2021/3/10 2021/3/11 2021/3/12 2021/3/15 2021/3/16 2021/3/17 2021/3/18 2021/3/19 2021/3/22 2021/3/23 2021/3/24 2021/3/25 2021/3/26 2021/3/29 2021/3/30 2021/3/31 2021/4/1 2021/4/6 2021/4/7 2021/4/8 2021/4/9 2021/4/12 2021/4/13 2021/4/14 2021/4/15 2021/4/16 2021/4/19 2021/4/20 2021/4/21 2021/4/22 2021/4/23 2021/4/26 2021/4/27 2021/4/28 5 4.89 5.03 5.08 5.1 5.02 5.14 5.17 5.3 5.3 5.5 5.48 5.45 5.41 5.35 5.33 5.21 5.13 5.11 5.11 5.07 5 5.09 5.1 5.26 5.4 5.42 5.45 5.32 5.27 5.21 5.2 5.18 5.08 5.01 4.94 5.01 4.99 4.93 4.9 4.97 Cathay Pacific Airlines (0293.HK) 5.24 7.29 5.18 7.4 5.21 7.41 5.15 7.46 5.15 7.41 5.15 7 5.31 71 5.22 7.06 5.32 7.39 5.3 7.36 5.63 7.56 5.66 7.56 5.67 7.71 5.71 7.89 5.7 7.62 5.68 7.63 5.64 7.25 5.53 6.91 5.59 7.09 5.54 7.2 5.55 7.21 5.61 7.32 5.55 7.25 5.59 7.24 5.59 7.23 5.64 7.23 5.7 7.1 5.69 7.06 5.72 7.07 5.6 7.08 5.53 7.02 5.5 7.15 5.34 7.13 5.4 7.09 5.23 6.94 5.08 7 4.99 6.9 5.05 7.07 5.03 7.1 5.13 6.98 5.3 6.93 A B D E 6.85 6.7 6.79 6.67 6.53 6.51 6.63 6.62 6.42 6.4 6.42 6.39 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 2021/4/29 2021/4/30 2021/5/3 2021/5/4 2021/5/5 2021/5/6 2021/5/7 2021/5/10 2021/5/11 2021/5/12 2021/5/13 2021/5/14 2021/5/17 2021/5/18 2021/5/19 2021/5/20 2021/5/21 2021/5/24 2021/5/25 2021/5/26 2021/5/27 2021/5/28 2021/5/31 2021/6/1 2021/6/2 2021/6/3 2021/6/4 2021/6/7 2021/6/8 2021/6/9 2021/6/10 2021/6/11 2021/6/15 2021/6/16 2021/6/17 2021/6/18 2021/6/21 2021/6/22 2021/6/23 5 4.95 4.94 4.93 4.81 4.74 4.77 4.71 4.66 4.5 4.4 4.45 4.55 4.6 4.52 4.68 4.74 4.72 4.71 4.67 4.69 4.81 4.71 4.71 4.79 4.91 4.87 4.78 4.84 4.81 4.77 4.71 4.72 4.72 4.71 4.85 4.67 4.73 4.72 5.15 5.13 5.06 4.95 4.97 4.82 4.84 4.95 4.87 4.8 4.77 4.5 4.64 4.86 4.7 4.76 4.77 4.74 4.86 4.96 4.96 4.98 4.99 4.95 4.93 4.9 4.88 4.9 5.02 5.12 5.15 5.13 5.08 4.92 4.99 5.05 4.98 4.98 5.02 6.51 6.52 6.57 6.63 6.68 6.77 6.79 6.77 6.68 6.65 6.79 6.8 6.79 6.76 6.87 6.94 7.06 7.07 6.99 6.87 6.88 6.93 7.09 6.93 6.91 6.86 6.81