Use the uploaded price data to answer the questions that follow. Assume that the S&P 500 is the proxy for the market portfolio. Please carefully label your answers.

• A: Price data for a Fidelity fund (ticker symbol FAGAX) and S&P 500 is given in the Excel Upload file. Each month calculate the excess returns for both FAGAX and the S&P 500.
• B: Using the excess returns, estimate the funds alpha and beta (assume that the CAPM is the appropriate benchmark model). What is the 95% confidence interval for alpha?
• C: Does FAGAX significantly outperform, significantly underperform, or perform as expected (again using CAPM as the benchmark model)? Why?

• 	FAGAX	S&P 500	Risk-free rate
  Month	Price	Price
  1	17.630268	1115.09998	0.01%
  2	16.734739	1073.87	0.00%
  3	17.453682	1104.48999	0.00%
  4	19.039213	1169.43005	0.00%
  5	19.475718	1186.68994	0.00%
  6	17.915863	1089.41003	0.00%
  7	16.753998	1030.70996	0.00%
  8	17.877348	1101.59998	0.00%
  9	17.107048	1049.32996	0.00%
  10	19.186857	1141.19995	0.00%
  11	20.233179	1183.26001	0.00%
  12	20.733871	1180.55005	0.00%
  13	21.914997	1257.64002	0.00%
  14	22.332243	1286.12	0.00%
  15	23.224504	1327.21997	0.00%
  16	23.744457	1325.82996	0.00%
  17	24.733007	1363.60999	0.00%
  18	24.534016	1345.19995	0.00%
  19	24.123186	1320.64002	0.00%
  20	23.782972	1292.28003	0.00%
  21	22.210276	1218.89002	0.00%
  22	20.714615	1131.42004	0.00%
  23	23.243761	1253.30005	0.00%
  24	22.71739	1246.95996	0.00%
  25	22.332243	1257.59998	0.00%
  26	24.379955	1312.41003	0.00%
  27	26.016834	1365.68005	0.00%
  28	27.114517	1408.46997	0.00%
  29	26.600977	1397.91003	0.00%
  30	24.591785	1310.32996	0.00%

  please show formulas