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) )The Portfolio
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(Expected Return E(R

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) (315



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.

.
:


:
) E(R) =
x )

): (315

100 .


20%15%
25%
30%


0.20
0.30
0.40
0.10

:
:
) E(R) =
x )
=))*30%) + (0.40*25%) + (0.30*15%) + (0.20*20%-
((0.10
= 3%+ 10%+ 4.5% + 4%-
= 13.5%
:

) :(Risk
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=1

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((Variance

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2
= 0.20(-0.20-0.135)2 + 0.30(0.15-0.135)2 + 0.40(0.25-0.135)2 +
0.10(0.30-0.135)2
=3.05%
.2 Standard Deviation
= 2

:
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)(Coefficient of Variation

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=

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.1 Default Risk

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13

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2 = 2 ) 2 ( 2 + )(
= 2 X 2 ) ( 2 + ))
= 2 X +
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14


.1
.2
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.4
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. .
. .
.1990
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2004 .
. 1998
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1997 .2
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15

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