1. Given two random variables x and y: Probability of State State Variable x Variable y 0.2 0.2 0.24 0.22 0.2 a) Calculate the mean and variance of each of these variables, and the covariance between them.- b) Suppose x and y represent the returns from two assets. Calculate the mean and variance for the following portfolios: % in x % in y 125 -25. 100 0. 75 25 50 50 250 75 0. 100 -25 125 c) Find the portfolio that has the minimum variance.. 2. Prove that for any securities X and : a) E(XY) = cov(X,Y)+ E(X)E). + b) If p= 1, then oc+Y) = 07 +07. Ifp=-1, then o += 07-07