The matrix below displays the variance for each of the eight stocks along the diagonal and each of the co-variances in the off-diagonal cells:

Calculate the beta of each of the stocks in Table relative to a portfolio with equal investments in each stock.

BHP Fiat TAM .45 .19 1.00 .30 .45 BP .30 1.00 .28 .25 Sony .48 .29 .23 .42 .46 BHP BP Fiat Heineken Nestl Sony TAM Tata Motors Standard deviation Heineken .42 .25 .36 1.00 .28 .46 -.02 .36 20.3 Nestl .21 .15 .36 .28 1.00 .08 -.09 .21 14.0 .28 1.00 .36 .36 .23 - .03 .32 44.6 - .12 - .03 - .02 -.09 -.04 1.00 Tata Motors .33 .17 .32 .36 .21 .33 .18 1.00 21 .15 .48 - .19 .29 - .12 .17 33.8 .08 1.00 -.04 .33 34.5 .33 22.0% .18 42.4 44.5