1. ) Consider the stock return scenarios for five stocks shown in the following table. Develop a Markowitz portfolio model for these data with a required expected return of 20%. Assume that the four scenarios are equally likely to occur. Set up the problem in Excel and solve.

	Scenario 1	Scenario 2	Scenario 3	Scenario 4
Stock 1	30	10.3	21.6	-4.6
Stock 2	22.5	29	21.6	-27.2
Stock 3	14.9	26	41.9	-7.8
Stock 4	32.1	30.5	19.5	39
Stock 5	13.3	73.2	2.1	13.1

1. The minimum value for the portfolio variance is ______________(round to 2 decimal places)
2. The solver solution implies that the investors will get an expected return of 20% and minimize their risk as measured by portfolio variance by investing approximately: (round to 2 decimal places)

_____% of the portfolio in stock 1.

_____% of the portfolio in stock 2.

_____% of the portfolio in stock 3.

_____% of the portfolio in stock 4.

_____% of the portfolio in stock .5

**You will need to submit your Excel file. ***.