Use the data in the spreadsheet provided to estimate the beta of Shoe Company stock using linear regression.

Returns (%) Value Weighted Market Shoe Company Jan 2004 2.3053 1.7938 Feb 2004 1.5292 5.1627 Mar 2004 -1.0439 6.5255 Apr 2004 -2.4259 -7.6906 May 2004 1.4423 -1.1325 Jun 2004 2.1212 6.7432 Jul 2004 -3.7517 -4.0697 Aug 2004 0.2736 3.5927 Sep 2004 2.0327 4.8021 Oct 2004 1.7638 3.1855 Nov 2004 4.8285 4.1544 Dec 2004 3.5232 7.4425 Jan 2005 -2.6007 -4.4857 Feb 2005 2.2532 0.3098 Mar 2005 -1.6154 -3.8435 Apr 2005 -2.5708 -7.8986 May 2005 3.7524 7.0097 Jun 2005 1.1591 5.6904 Jul 2005 4.3513 -3.2355 Aug 2005 -0.5818 -5.8051 Sep 2005 1.0902 3.8226 Oct 2005 -2.0631 2.9568 Nov 2005 4.0372 1.4454 Dec 2005 0.3002 2.1527 Jan 2006 4.0746 -6.7588 Feb 2006 -0.1694 7.2177 Mar 2006 1.9565 -1.5177 Apr 2006 1.2921 -3.8879 May 2006 -3.1298 -1.8496 Jun 2006 -0.0361 1.2373 Jul 2006 -0.1935 -2.4274 Aug 2006 2.5191 2.2494 Sep 2006 1.9278 8.8888 Oct 2006 3.7115 4.8398 Nov 2006 2.3959 7.6235 Dec 2006 1.0635 0.4581 Jan 2007 1.9419 -0.2416 Feb 2007 -1.3912 5.7309 Mar 2007 1.2909 2.0313 Apr 2007 3.9039 1.3907 May 2007 3.8817 5.3079 Jun 2007 -1.4635 3.0577 Jul 2007 -3.1095 -3.1646 Aug 2007 1.6475 -0.1976 Sep 2007 4.0616 4.4543 Oct 2007 2.5899 12.9321 Nov 2007 -4.9082 -0.9219 Dec 2007 -0.4307 -1.7688 Jan 2008 -6.2439 -4.5031 Feb 2008 -2.1966 -1.8352 Mar 2008 -1.0462 13.3838 Apr 2008 5.1369 -1.7758 May 2008 2.3811 2.3682 Jun 2008 -7.8792 -12.4751 Jul 2008 -1.302 -1.5391 Aug 2008 1.1466 3.2182 Sep 2008 -9.8053 10.7254 Oct 2008 -18.4708 -13.8611 Nov 2008 -8.5285 -7.6087 Dec 2008 2.1441 -3.7595