Using the data above calculate the standard deviation of the portfolio and minimum variance portfolio from a combination of the two assets. Plot the efficient frontier including the minimum variance portfolio.

A B 1 Year nmn 6 7 8 9 10 11 12 13 14 15 16 17 18 Year-to Year Total Returns: 1926-2018 Large-Company Stocks Long-Term U.S. Government Bonds 1926 11.14% 8.26% 1927 37.13% 11.15% 1928 43.31% -1.90% 1929 -8.91% 5.41% 1930 -25.26% 6.08% 1931 -43.86% -9.26% 1932 -8.85% 15.37% 1933 52.88% -0.04% 1934 -2.34% 14.16% 1935 47.22% 6.24% 1936 32.80% 9.05% 1937 -35.26% -0.69% 1938 33.20% 6.96% 1939 -0.91% 6.34% 1940 -10.08% 11.88% 1941 -11.77% -10.51% 1942 21.07% 2.70% 1943 25.76% 2.50% 1944 19.69% 2.94% 1945 36.46% 5.69% 1946 -8.18% 4.41% 1947 5.24% -1.77% 1948 5.10% 2.03% 1949 18.06% 7.91% 1950 30.58% -2.12% 1951 24.55% -4.64% 1952 18.50% 1.69% 1953 -1.10% -1.54% 1954 52.40% 8.77% 1955 31.43% -1.63% 1956 6.63% -4.04% 1957 -10.85% 5.44% 1958 43.34% -7.80% 1959 11.90% -1.81% 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 1960 38 1961 39 1962 40 41 1963 1964 1965 42 43 44 45 46 1966 1967 1968 1969 47 1970 48 49 50 51 52 53 54 1971 1972 1973 1974 1975 1976 1977 1978 1979 0.48% 26.81% 88.78% 22.69% 16.36% 12.36% -10.10% 23.94% 11.00% 8.47% 3.94% 14.30% 18.99% -14.69% -26.47% 37.23% 23.93% -7.16% 6.57% 18.61% 32.50% -4.92% 21.55% 22.56% 6.27% 31.73% 18.67% 5.25% 16.61% 31.69% -3.10% 30.47% 7.62% 10.08% 1.32% 37.58% 8.04% 2.94% 4.67% 1.14% 4.45% 1.15% -2.01% -7.02% 5.36% -0.67% 12.24% 12.67% 9.15% -12.66% -3.05% 4.86% 17.86% 2.57% -1.61% -2.08% 4.96% 0.69% 47.14% -1.14% 16.29% 36.59% 30.93% -7.14% 8.75% 21.30% 5.66% 19.47% 8.08% 21.53% -10.64% 35.66% 55 1980 1981 1982 1983 56 57 58 59 60 61 62 63 64 65 66 1984 1985 1986 1987 1988 1989 67 1990 1991 68 69 70 71 72 1992 1993 1994 1995 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 22.96% 33.36% 28.58% 21.04% -9.10% -11.89% -22.10% 28.68% 10.88% 4.91% 15.80% 5.49% -37.00% 26.46% 15.06% 2.11% 16.00% 32.39% 13.69% 1.38% 11.96% 21.83% 4.38% -2.54% 17.70% 19.22% -12.76% 22.16% 5.32% 14.23% 1.51% 10.53% 10.56% 0.11% 11.07% 41.78% -25.61% 7.73% 35.75% 1.80% -14.69% 29.76% -2.61% 1.75% 6.24% -0.57% 87 88 89 90 91 92 93 94 95 nc A B 1 Year nmn 6 7 8 9 10 11 12 13 14 15 16 17 18 Year-to Year Total Returns: 1926-2018 Large-Company Stocks Long-Term U.S. Government Bonds 1926 11.14% 8.26% 1927 37.13% 11.15% 1928 43.31% -1.90% 1929 -8.91% 5.41% 1930 -25.26% 6.08% 1931 -43.86% -9.26% 1932 -8.85% 15.37% 1933 52.88% -0.04% 1934 -2.34% 14.16% 1935 47.22% 6.24% 1936 32.80% 9.05% 1937 -35.26% -0.69% 1938 33.20% 6.96% 1939 -0.91% 6.34% 1940 -10.08% 11.88% 1941 -11.77% -10.51% 1942 21.07% 2.70% 1943 25.76% 2.50% 1944 19.69% 2.94% 1945 36.46% 5.69% 1946 -8.18% 4.41% 1947 5.24% -1.77% 1948 5.10% 2.03% 1949 18.06% 7.91% 1950 30.58% -2.12% 1951 24.55% -4.64% 1952 18.50% 1.69% 1953 -1.10% -1.54% 1954 52.40% 8.77% 1955 31.43% -1.63% 1956 6.63% -4.04% 1957 -10.85% 5.44% 1958 43.34% -7.80% 1959 11.90% -1.81% 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 1960 38 1961 39 1962 40 41 1963 1964 1965 42 43 44 45 46 1966 1967 1968 1969 47 1970 48 49 50 51 52 53 54 1971 1972 1973 1974 1975 1976 1977 1978 1979 0.48% 26.81% 88.78% 22.69% 16.36% 12.36% -10.10% 23.94% 11.00% 8.47% 3.94% 14.30% 18.99% -14.69% -26.47% 37.23% 23.93% -7.16% 6.57% 18.61% 32.50% -4.92% 21.55% 22.56% 6.27% 31.73% 18.67% 5.25% 16.61% 31.69% -3.10% 30.47% 7.62% 10.08% 1.32% 37.58% 8.04% 2.94% 4.67% 1.14% 4.45% 1.15% -2.01% -7.02% 5.36% -0.67% 12.24% 12.67% 9.15% -12.66% -3.05% 4.86% 17.86% 2.57% -1.61% -2.08% 4.96% 0.69% 47.14% -1.14% 16.29% 36.59% 30.93% -7.14% 8.75% 21.30% 5.66% 19.47% 8.08% 21.53% -10.64% 35.66% 55 1980 1981 1982 1983 56 57 58 59 60 61 62 63 64 65 66 1984 1985 1986 1987 1988 1989 67 1990 1991 68 69 70 71 72 1992 1993 1994 1995 73 74 75 76 77 78 79 80 81 82 83 84 85 86 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 22.96% 33.36% 28.58% 21.04% -9.10% -11.89% -22.10% 28.68% 10.88% 4.91% 15.80% 5.49% -37.00% 26.46% 15.06% 2.11% 16.00% 32.39% 13.69% 1.38% 11.96% 21.83% 4.38% -2.54% 17.70% 19.22% -12.76% 22.16% 5.32% 14.23% 1.51% 10.53% 10.56% 0.11% 11.07% 41.78% -25.61% 7.73% 35.75% 1.80% -14.69% 29.76% -2.61% 1.75% 6.24% -0.57% 87 88 89 90 91 92 93 94 95 nc