Complete the steps below using cell references to given data or previons calculations. In some cases, a simple ceil refarence is all you noed To copypaste a formilia across a row or down a colum, an absolute cell reference or a mixed cell reference may be preferred. If a specific Excel finction is to be used, the airections will specify the use of that fimction. Do not type in mumerical data fito a cell or fimction. Instead, make a reforence to the cell in which the data is foibd. Make your computations only in the blue cells highighted below In all cases, whless otherwise directed, use the oarliest appearance of the data in your formulas. usually the Given Data secrion. a. Estimate Microsoft's beta using lnear regression over the peniods 1987-1991, 1992-1996. 1997-2001, and 20022006. b. Compare the four estimated betas. What do you conclude about how Microsoft s exposure to systernatic risk changed over that 20-year period? What do you think explains the change? 3. Estimate Microsoft's beta using linear regression over the periods 1987-1991, 1992-1996, 1997-2001, and 20022006. b. Compare the four estimated betas. What do you conchude about how Microsoft's exposure to systematic nisk changed over that 20-year period? What do you think explains the change? Systematic Risk in the early 1990 ; as Microsoft estabished ifself as a dominant company. Systematic Risk during the internet bubble in the late 1990 's (when tech stocks soared) Systematic Risk since the eatly 2000 s