Given the following information: 

Standard deviation for stock X = 12 percent 

Standard deviation for stock Y = 20 percent 

Expected return for stock X = 16 percent 

Expected return for stock Y = 22 percent 

Correlation coefficient between X and Y = 0.30 

The covariance between stocks X and Y is:

a. 0.048

b. 72.00

c. 3.60

d. 105.6