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The returns on Stocks X and Y are as follows: Year Return on Stock X Return on Stock Y 2015 -4% 10% 2016 18% 16%

The returns on Stocks X and Y are as follows:

Year	Return on Stock X	Return on Stock Y
2015	-4%	10%
2016	18%	16%
2017	32%	19%

a) Calculate the covariance between the returns on the two stocks (X and Y). PLEASE SHOW ALL OF YOUR WORK UNDERLYING YOUR ANSWERS.

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