1	Complete the steps below using cell references to given data or previous calculations. In some cases, a simple cell reference is all you need. To copy/paste a formula across a row or down a column, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel function is to be used, the directions will specify the use of that function. Do not type in numerical data into a cell or function. Instead, make a reference to the cell in which the data is found. Make your computations only in the blue cells highlighted below. In all cases, unless otherwise directed, use the earliest appearance of the data in your formulas, usually the Given Data section. Start Excel. Download and open the workbook named: Smart_Zutter_Problem_4.25_Start.xlsx In cellE24, by using cell references, calculate the holding period return for IBM in 2012.	1
2	To calculate the holding period return for IBM for years 2013 through 2016, copy cellE24 and paste it onto cellsF24:I24.	1
3	In cell E25, by using cell references, calculate the holding period return for HP in 2012.	1
4	To calculate the holding period return for HP for years 2013 through 2016, copy cellE25 and paste it onto cellsF25:I25.	1
5	In cell E26, by using cell references, calculate the holding period return for S&P in 2012.	1
6	To calculate the holding period return for S&P for years 2013 through 2016, copy cellE26 and paste it onto cellsF26:I26.	1
7	In cell J24, by using cell references and the functionAVERAGE, calculate the average return over a five-year period for IBM.	1
8	To calculate the average return over a five-year period for HP and S&P, copy cellJ24 and paste it onto cellsJ25:J26.	1
9	In cell D27, by using a cell reference, calculate the cash flow corresponding to the purchase of IBM share in 2011. Note: The output of the expression or function you typed in this cell is expected as a negative number.	1
10	In cellE27, by using a cell reference, enter the cash flow corresponding to receiving of dividend for IBM share in 2012.	1
11	To calculate the cash flows for IBM for years 2013 through 2015, copy cellE27 and paste it onto cellsF27:H27.	1
12	In cellI27, by using cell references, calculate the cash flow corresponding to receiving of dividend and selling the IBM share in 2016.	1
13	In cell D28, by using a cell reference, calculate the cash flow corresponding to the purchase of HP share in 2011. Note: The output of the expression or function you typed in this cell is expected as a negative number.	1
14	In cellE28, by using cell reference, enter the cash flow corresponding to receiving of dividend for HP share in 2012.	1
15	To calculate the cash flows for HP for years 2013 through 2015, copy cellE28 and paste it onto cellsF28:H28.	1
16	In cellI28, by using cell references, calculate the cash flow corresponding to receiving of dividend and selling the HP share in 2016.	1
17	In cell J27, by using cell references and the functionIRR, calculate the internal rate of return over a five-year period for IBM. Note: Do not enter any value for the Guess argument of the functionIRR.	1
18	To calculate the internal rate of return over a five-year period for HP, copy cellJ27 and paste it onto cellJ28.	1
19	In cell D34, by using cell references, calculate the squared deviation for IBM in 2012.	1
20	To calculate the squared deviation for IBM, HP, and S&P for years 2012 through 2016, copy cellD34 and paste it onto cellsD35:D36 andE34:H36.	2
21	In cell I34, by using cell references, calculate the standard deviation for IBM.	1
22	To calculate the standard deviation for HP and S&P, copy cellI34 and paste it onto cellsI35:I36.	1
23	In cellsC40 andC41, determine the appropriate industry description for HP and IBM.	2
24	In cellsF45 andC46, determine what conclusions Laura can make about investing in either IBM or HP.	2
25	Save the workbook. Close the workbook and then exit Excel. Submit the workbook as directed.	0

Total Points

27