All work with methodology and equations used must be shown in detail. The actual equations andcareful explanations are required to receive credit for answers, even if correct:

The following data have been developed for Ding Corp. State Market Return 1 2 3 4 Probability 0.10 0.30 0.40 0.20 -0.12 0.03 0.10 0.20 Company Return -0.24 0.00 0.15 0.50 Assume that the risk-free rate is 3%. The covariance between Ding and the Market portfolio is 0.018408. Find the required rate of return for Ding Corp using the Capital Asset Pricing Model (CAPM).