Formulate and solve the Markowitz portfolio optimization model that was introduced in Problem 18 using the return data in columns five, six, and seven of Figure 12.17. In this case, nine scenarios correspond to the yearly returns for years 1 through 9. Treat each scenario as being equally likely.

Figure 12.17:

for constructing the portfolio should be similar to the one developed for Hauck Financial Services in Section 12.5.