Your company plans to sell 2000 ounces of silver next week decides to use silver futures contracts to create a minimum variance hedge. Each futures contract has 125 ounces of silver attached. The spot and futures prices for silver the day your company opened its position were $16/ounce and $20/ounce, respectively. The table below shows both spot and futures price changes over a three day period.

	Spot Price Change	Futures Price Change
Day 1	-.03	-.06
Day 2	.04	.08
Day 3	.05	.01

1. Find the standard deviation of change in the spot price. Round intermediate steps to four decimals.

2.Find the covariance between changes in the spot price and changes in the futures price. Round intermediate steps and your final answer to four decimals. Enter your answer in decimal format (EX: .XXXX).

3.Find the correlation coefficient between the spot and futures price changes. Round intermediate steps to four decimals.

4. How many futures contracts will you need to minimize your portfolio's risk? Round your final answer to the nearest whole number. Do not use words when entering your response.

I want to know how to solve this step by step please! :)