Exhibit 3A -Refer to Exhibit 3A

question 45

Multiple Choice

Exhibit 3A.1
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
Given the following annual returns for both Alpine Corporation and Tauber Industries: $\begin{array}{ccc}&\text { Alpine's } & \text { Tauber's }\\\text { Year } & \text { Rate of Return } & \text { Rate of Return } \\\hline 1995 & 5 & 9 \\1996 & 9 & 16 \\1997 & 11 & -16 \\1998 & -10 & 12 \\1999 & 12 & 9\end{array}$
-Refer to Exhibit 3A.1. Calculate the covariance.

• A)-32.20
• B)-23.32
• C)1.00
• D)23.32
• E)32.20