2. (Portfolio Construction with Different Objectives) Tab Portfolio Selection in the file hw1.xlsx contains the following data for the returns of five (5) assets in eight (8) scenarios: Scenario Probability Asset 1 Asset 2 Asset 3 Asset 4 Asset 5 1 12.5% 30% 39% 20% 59% 79% 2 12.5% -13% 21% 15% 12% 35% 3 12.5% 24% 30% 57% 10% 53% 4 12.5% 18% 68% 57% 26% 4% 5 12.5% -34% -47% -39% -56% -57% 6 12.5% -29% 4% 12% 24% 12% 7 12.5% 46% 43% 60% 8% 59% 8 12.5% -68% -67% -26% -31% -58% Assume you can use only these five assets to construct long-only, fully invested, unlevered portfolios. (a) Find the minimum variance, minimum semivariance, and minimum A(verage) D(ownside) R(isk) portfolios that have an expected return of "min = 10%. (b) Repeat (a) for min = 15%. (c) Do the portfolios that you have generated make intuitive sense, given the objectives that you have set?