• The following table lists returns on the market portfolio and on Microsoft, each year from 1989 to 1998.

Year	Microsoft (%)	Market Portfolio (%)
1989	80.95	31.49
1990	-47.37	-3.17
1991	31	30.57
1992	132.44	7.58
1993	32.02	10.36
1994	25.37	2.55
1995	-28.57	37.57
1996	0.00	22.68
1997	11.67	33.10
1998	36.19	28.32

• A) Estimate the covariance in returns between Microsoft and the market portfolio.
• B) Estimate the variances in returns on both investments.
• C) Estimate the beta for Microsoft.