1. The following table contains the covariance matrix for five assets. The mean returns are also given.

Build a model using Excels Solver functionality to find the optimal portfolio (no short sales permitted) when the risk-free rate is equal to

1. 0%
2. 1%
3. 2%
4. 3%
5. 4%

Thoroughly interpret and compare your three optimal portfolios and rationalize why the results change the way they do as the risk-free rate increases.