Table 7.9 shows standard deviations and correlation coefficients for eight stocks from different countries. Calculate the variance of a portfolio with equal investments in each stock.

TABLE 7.9

BHP Billiton BP Fat Chrystler Heineken Korea Bectric Nestle Sony Tata Motors BHP Billiton 1.00 0.42 0.16 0.25 0.17 1.00 0.17 0.33 0.26 0.19 0.17 1.00 0.01 0.16 0.13 27.83 -0.03 019 0.40 1.00 0.17 0.19 0.12 -0.10 0.29 -0.10 0.44 0.32 0.44 037 0.26 0.01 0.16 0.13 1.00 0.23 008 0.23 100 0.19 1.00 9.70 448 39.11 1.00 0.12 041 Fiat Chrystler 0.16 0.33 0.25 Korea Electric 0.19 0.50 19.80 0.41 Tata Motors 0.08 0.19 Standard deviation, % 29.10 43.06 18.04