solve in EXCEL. Using the covariance matrix as well as yearly mean returns of the same 4 companies as in question 3, answer the following.

1. Use solver to find 16 portfolios (each portfolio is a set of weights with a given return and volatility) on the mean-variance frontier. Start with a target return of 6% and then go up to 22% with 1% increment (the portfolios you create should have returns equal to 6%, 7%, 8%, 9%, and so on). (16)
2. Draw min-variance frontier (x-axis is volatility and y-axis is return) using the return and volatility for the portfolios found in part (a). (5)
3. Find the optimal portfolio (i.e., the weights of the 4 assets in the portfolio) by maximizing the Sharpe ratio of all feasible portfolios. (5)