Use Excel's Solver tool to answer the given questions. Know that the minimum standard deviation of return for portfolios having an expected return of 7%, and allowing for shorting, is 15.02%.

Annualized Mean Return (in %)	Annualized Std Dev of Return (in %)
US	6.12	15.28
UK	3.12	23.11
China	20.16	28.02
Canada	8.76	20.13

The pairwise return correlations matrix is:

	US	UK	China	Canada
US	1.00	0.72	0.45	0.81
UK	-	1.00	-	-
China	-	0.52	1.00	-
Canada	-	0.73	0.55	1.00

1.For the portfolio with a mean return of 7% having the minimum standard deviation of return without short selling allowed,

2. What is the minimum standard deviation of return for portfolios with an expected return of 7%, without short selling allowed?

3.Find the portfolio with a mean return of 15% having the minimum standard deviation of return. Report the weights in percentages, rounding to the ones term.

With short selling, the optimal 15% portfolio has weights of ( )% in US, ( ) % in UK, ( )% in China, and ( )% in Canada.

Without short selling, the optimal 15% portfolio has weights of ( )% in US, ( )% in UK, ( )% in China, and ( )% in Canada.