We are estimating the betas for three stocks, Pepsico, Apple and Goldman Sachs. You have been provided a spreadsheet in the new Assignments Module with rates of return data for each stock as well as returns for the S&P 500.

You are to estimate the equation Rstock = a + beta (Rmarket). The beta is the slope of the regression results.

You will have to activate the regression software in EXCEL first. I have provided written instructions in the Assignments Module. This should take just a few minutes.

You are to estimate the beta for each stock, interpret the result, and compare with the betas as published in Yahoo for each stock. It is shown on the summary page of Yahoo for each stock. Go to Yahoo - Finance, type in the company name and the stock price and summary financial information will appear. You only need a paragraph or so placed directly into the spreadsheet to discuss your results.

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7/31/2018 PEPSICO INC 8/31/2018 PEPSICO INC 9/28/2018 PEPSICO INC 10/31/2018 PEPSICO INC 11/30/2018 PEPSICO INC 12/31/2018 PEPSICO INC 1/31/2019 PEPSICO INC 2/28/2019 PEPSICO INC 3/29/2019 PEPSICO INC 4/30/2019 PEPSICO INC 5/31/2019 PEPSICO INC 6/28/2019 PEPSICO INC 7/31/2019 PEPSICO INC 8/30/2019 PEPSICO INC 9/30/2019 PEPSICO INC 10/31/2019 PEPSICO INC 11/29/2019 PEPSICO INC 12/31/2019 PEPSICO INC 1/31/2020 PEPSICO INC 2/28/2020 PEPSICO INC 3/31/2020 PEPSICO INC 4/30/2020 PEPSICO INC 5/29/2020 PEPSICO INC 6/30/2020 PEPSICO INC 7/31/2020 PEPSICO INC 8/31/2020 PEPSICO INC 9/30/2020 PEPSICO INC 10/30/2020 PEPSICO INC 11/30/2020 PEPSICO INC 12/31/2020 PEPSICO INC 0.056305658 -0.025999982 0.006405686 0.005187783 0.085068569 -0.086374439 0.019822545 0.034592185 0.059754442 0.044879641 -0.000390496 0.03602159 7/31/2018 APPLE INC 0.03026322 0.004294301 -0.06940336 8/31/2018 APPLE INC 9/28/2018 APPLE INC 10/31/2018 APPLE INC 0.027983321 0.200063124 0.03602159 7/31/2018 GOLDMAN SACHS 0.076438248 0.03602159 -0.00830294 -0.03047756 0.03026322 0.004294301 -0.06940336 8/31/2018 GOLDMAN SACHS 9/28/2018 GOLDMAN SACHS 10/31/2018 GOLDMAN SACHS 0.004969907 0.03026322 -0.057062328 0.004294301 0.005039197 -0.06940336 0.01785938 11/30/2018 APPLE INC -0.18070912 -0.09177695 12/31/2018 APPLE INC -0.11669838 0.0786844 1/31/2019 APPLE INC 0.055154029 0.01785938 -0.09177695 0.0786844 0.02972893 2/28/2019 APPLE INC 0.044700742 0.01792429 3/29/2019 APPLE INC 0.097025722 0.02972893 0.01792429 0.03931344 4/30/2019 APPLE INC 0.056435913 0.03931344 -0.06577773 5/31/2019 APPLE INC -0.12373544 -0.06577773 0.0319141 -0.025318442 0.069791086 0.009690708 0.000510518 -0.009768873 0.013215021 0.06893019 6/28/2019 APPLE INC 0.130519167 0.06893019 0.01312819 -0.01809165 0.01718117 0.02043175 0.03404706 7/31/2019 APPLE INC 8/30/2019 APPLE INC 9/30/2019 APPLE INC 10/31/2019 APPLE INC 11/29/2019 APPLE INC 0.076394476 0.01312819 0.0285898 12/31/2019 APPLE INC -0.0165696 0.072961554 0.11068444 0.077424049 0.098783888 -0.01809165 0.01718117 0.02043175 0.03404706 0.0285898 0.039145432 -0.070342243 -0.083125047 0.101498708 -0.005593698 0.013169833 -0.00162809 1/31/2020 APPLE INC 0.054009929 -0.00162809 -0.08411047 2/28/2020 APPLE INC -0.11430979 -0.08411047 -0.1251193 3/31/2020 APPLE INC -0.06976146 -0.1251193 0.1268441 4/30/2020 APPLE INC 0.155373767 0.1268441 0.04528178 5/29/2020 APPLE INC 0.084955804 0.04528178 0.0183884 6/30/2020 APPLE INC 0.147386253 0.0183884 0.040828742 0.017434213 -0.0031236 -0.038311779 0.082076699 0.035308242 0.0551013 7/31/2020 APPLE INC 0.165131643 0.0551013 0.07006469 8/31/2020 APPLE INC 0.216308966 0.07006469 -0.03922796 9/30/2020 APPLE INC -0.10252632 -0.02766578 10/30/2020 APPLE INC 0.1075457 11/30/2020 APPLE INC -0.06001206 0.095489644 -0.03922796 -0.02766578 0.03712141 12/31/2020 APPLE INC 0.114573702 0.1075457 0.03712141 11/30/2018 GOLDMAN SACHS 12/31/2018 GOLDMAN SACHS 1/31/2019 GOLDMAN SACHS 2/28/2019 GOLDMAN SACHS 3/29/2019 GOLDMAN SACHS 4/30/2019 GOLDMAN SACHS 5/31/2019 GOLDMAN SACHS 6/28/2019 GOLDMAN SACHS 7/31/2019 GOLDMAN SACHS 8/30/2019 GOLDMAN SACHS 9/30/2019 GOLDMAN SACHS 10/31/2019 GOLDMAN SACHS 11/29/2019 GOLDMAN SACHS 12/31/2019 GOLDMAN SACHS 1/31/2020 GOLDMAN SACHS 2/28/2020 GOLDMAN SACHS 3/31/2020 GOLDMAN SACHS 4/30/2020 GOLDMAN SACHS 5/29/2020 GOLDMAN SACHS 6/30/2020 GOLDMAN SACHS 7/31/2020 GOLDMAN SACHS 8/31/2020 GOLDMAN SACHS 9/30/2020 GOLDMAN SACHS 10/30/2020 GOLDMAN SACHS 11/30/2020 GOLDMAN SACHS 12/31/2020 GOLDMAN SACHS -0.150330544 0.01785938 -0.123970836 -0.09177695 0.185333684 0.0786844 -0.002575615 0.02972893 -0.02394505 0.01792429 0.072555825 0.03931344 -0.109654203 -0.06577773 0.121157326 0.06893019 0.075904198 0.01312819 -0.068005271 -0.01809165 0.016281653 0.01718117 0.029677216 0.02043175 0.043209303 0.03404706 0.038762081 0.0285898 0.034010384 -0.150283888 -0.230014473 -0.00162809 -0.08411047 -0.1251193 0.186493322 0.1268441 0.078072228 0.04528178 0.005750876 0.0183884 0.001720532 0.0551013 0.041220389 0.07006469 -0.019036433 -0.03922796 -0.059362132 -0.02766578 0.219741911 0.1075457 0.149102211 0.03712141 7/31/2018 PEPSICO INC 8/31/2018 PEPSICO INC 9/28/2018 PEPSICO INC 10/31/2018 PEPSICO INC 11/30/2018 PEPSICO INC 12/31/2018 PEPSICO INC 1/31/2019 PEPSICO INC 2/28/2019 PEPSICO INC 3/29/2019 PEPSICO INC 4/30/2019 PEPSICO INC 5/31/2019 PEPSICO INC 6/28/2019 PEPSICO INC 7/31/2019 PEPSICO INC 8/30/2019 PEPSICO INC 9/30/2019 PEPSICO INC 10/31/2019 PEPSICO INC 11/29/2019 PEPSICO INC 12/31/2019 PEPSICO INC 1/31/2020 PEPSICO INC 2/28/2020 PEPSICO INC 3/31/2020 PEPSICO INC 4/30/2020 PEPSICO INC 5/29/2020 PEPSICO INC 6/30/2020 PEPSICO INC 7/31/2020 PEPSICO INC 8/31/2020 PEPSICO INC 9/30/2020 PEPSICO INC 10/30/2020 PEPSICO INC 11/30/2020 PEPSICO INC 12/31/2020 PEPSICO INC 0.056305658 -0.025999982 0.006405686 0.005187783 0.085068569 -0.086374439 0.019822545 0.034592185 0.059754442 0.044879641 -0.000390496 0.03602159 7/31/2018 APPLE INC 0.03026322 0.004294301 -0.06940336 8/31/2018 APPLE INC 9/28/2018 APPLE INC 10/31/2018 APPLE INC 0.027983321 0.200063124 0.03602159 7/31/2018 GOLDMAN SACHS 0.076438248 0.03602159 -0.00830294 -0.03047756 0.03026322 0.004294301 -0.06940336 8/31/2018 GOLDMAN SACHS 9/28/2018 GOLDMAN SACHS 10/31/2018 GOLDMAN SACHS 0.004969907 0.03026322 -0.057062328 0.004294301 0.005039197 -0.06940336 0.01785938 11/30/2018 APPLE INC -0.18070912 -0.09177695 12/31/2018 APPLE INC -0.11669838 0.0786844 1/31/2019 APPLE INC 0.055154029 0.01785938 -0.09177695 0.0786844 0.02972893 2/28/2019 APPLE INC 0.044700742 0.01792429 3/29/2019 APPLE INC 0.097025722 0.02972893 0.01792429 0.03931344 4/30/2019 APPLE INC 0.056435913 0.03931344 -0.06577773 5/31/2019 APPLE INC -0.12373544 -0.06577773 0.0319141 -0.025318442 0.069791086 0.009690708 0.000510518 -0.009768873 0.013215021 0.06893019 6/28/2019 APPLE INC 0.130519167 0.06893019 0.01312819 -0.01809165 0.01718117 0.02043175 0.03404706 7/31/2019 APPLE INC 8/30/2019 APPLE INC 9/30/2019 APPLE INC 10/31/2019 APPLE INC 11/29/2019 APPLE INC 0.076394476 0.01312819 0.0285898 12/31/2019 APPLE INC -0.0165696 0.072961554 0.11068444 0.077424049 0.098783888 -0.01809165 0.01718117 0.02043175 0.03404706 0.0285898 0.039145432 -0.070342243 -0.083125047 0.101498708 -0.005593698 0.013169833 -0.00162809 1/31/2020 APPLE INC 0.054009929 -0.00162809 -0.08411047 2/28/2020 APPLE INC -0.11430979 -0.08411047 -0.1251193 3/31/2020 APPLE INC -0.06976146 -0.1251193 0.1268441 4/30/2020 APPLE INC 0.155373767 0.1268441 0.04528178 5/29/2020 APPLE INC 0.084955804 0.04528178 0.0183884 6/30/2020 APPLE INC 0.147386253 0.0183884 0.040828742 0.017434213 -0.0031236 -0.038311779 0.082076699 0.035308242 0.0551013 7/31/2020 APPLE INC 0.165131643 0.0551013 0.07006469 8/31/2020 APPLE INC 0.216308966 0.07006469 -0.03922796 9/30/2020 APPLE INC -0.10252632 -0.02766578 10/30/2020 APPLE INC 0.1075457 11/30/2020 APPLE INC -0.06001206 0.095489644 -0.03922796 -0.02766578 0.03712141 12/31/2020 APPLE INC 0.114573702 0.1075457 0.03712141 11/30/2018 GOLDMAN SACHS 12/31/2018 GOLDMAN SACHS 1/31/2019 GOLDMAN SACHS 2/28/2019 GOLDMAN SACHS 3/29/2019 GOLDMAN SACHS 4/30/2019 GOLDMAN SACHS 5/31/2019 GOLDMAN SACHS 6/28/2019 GOLDMAN SACHS 7/31/2019 GOLDMAN SACHS 8/30/2019 GOLDMAN SACHS 9/30/2019 GOLDMAN SACHS 10/31/2019 GOLDMAN SACHS 11/29/2019 GOLDMAN SACHS 12/31/2019 GOLDMAN SACHS 1/31/2020 GOLDMAN SACHS 2/28/2020 GOLDMAN SACHS 3/31/2020 GOLDMAN SACHS 4/30/2020 GOLDMAN SACHS 5/29/2020 GOLDMAN SACHS 6/30/2020 GOLDMAN SACHS 7/31/2020 GOLDMAN SACHS 8/31/2020 GOLDMAN SACHS 9/30/2020 GOLDMAN SACHS 10/30/2020 GOLDMAN SACHS 11/30/2020 GOLDMAN SACHS 12/31/2020 GOLDMAN SACHS -0.150330544 0.01785938 -0.123970836 -0.09177695 0.185333684 0.0786844 -0.002575615 0.02972893 -0.02394505 0.01792429 0.072555825 0.03931344 -0.109654203 -0.06577773 0.121157326 0.06893019 0.075904198 0.01312819 -0.068005271 -0.01809165 0.016281653 0.01718117 0.029677216 0.02043175 0.043209303 0.03404706 0.038762081 0.0285898 0.034010384 -0.150283888 -0.230014473 -0.00162809 -0.08411047 -0.1251193 0.186493322 0.1268441 0.078072228 0.04528178 0.005750876 0.0183884 0.001720532 0.0551013 0.041220389 0.07006469 -0.019036433 -0.03922796 -0.059362132 -0.02766578 0.219741911 0.1075457 0.149102211 0.03712141