Portfolio Optimization. Consider the following stock return data: 1 2 3 4 5 6 Stock 1 0.300 0.103 0.216 0.046 0.071 0.056 Stock 2 0.225 0.290 0.216 0.272 0.144 0.107 Stock 3 0.149 0.260 0.419 0.078 0.169 0.035 7 8 9 10 11 12 Stock 1 0.038 0.089 0.090 0.083 0.035 0.176 Stock 2 0.321 0.305 0.195 0.390 0.072 0.715 Stock 3 0.133 0.732 0.021 0.131 0.006 0.908 a. Construct the Markowitz portfolio model using a required expected return of 15%. Assume that the 12 scenarios are equally likely to occur. b. Solve the model using Excel Solver. c. Solve the model for various values of required expected return and plot the efficient frontier.

Please solve using excel.