The table below contains the average returns, standard deviation of returns and correlation of returns with US index
for different countries. All data are in US dollar terms. The US T-Bill rate is 3%. Determine which of these
countries are suitable for a US based investor to diversify into. Show the necessary calculations.
US T-Bill Rate %	3
Country	Return %	StDev. %	Correlation with USA
USA	13.69	20.00	1.00
Canada	5.84	34.40	0.80
UK	5.89	27.11	0.75
France	6.33	25.00	0.72
Italy	7.45	34.76	0.59
Spain	11.26	26.93	0.57
Russia	14.64	25.10	0.33
South Africa	7.84	30.74	0.47
Egypt	23.62	27.90	0.26
Japan	9.02	21.30	0.45
Singapore	2.30	22.67	0.54
Hong Kong	11.82	22.00	0.48
India	8.14	32.33	0.36