Month	Asset A returns	Asset B returns	Asset C returns
1	-4.0%	11.0%	15.5%
2	1.5%	6.0%	14.5%
3	-1.5%	-7.0%	-9.5%
4	7.0%	7.5%	12.5%
5	2.0%	-3.5%	22.5%
6	6.5%	-6.5%	-11.0%
7	-2.5%	13.5%	19.0%
8	3.5%	9.0%	20.0%
9	4.5%	9.0%	-24.0%
10	1.5%	11.5%	13.0%
11	-4.5%	-4.5%	17.0%
12	5.0%	-2.5%	-15.5%

1) In Excel, calculate the expected standard deviation of a portfolio consisting of 25% asset A, 50% asset B, and 25% asset C. (DO NOT Use of the Excel stdev or related function )

2) Given a risk free rate of 3.5% and a market portfolio with a return of 9% and s of 15%, what combination of assets would a risk averse investor hold if he wanted to maximize returns but have no more than 8% volatility?

3) Given a risk free rate of 3% and a market portfolio with a return of 8% and s of 13%, what combination of assets would a less risk averse investor hold if she wanted to maximize returns but have no more than 15% volatility?