Finding Co-variance

1
σij = k ∑kk=1(rki − R i ) (rkj − R j ) ∀ i, j = 1,2,3 … N

Where i ,j are assets

10
1
σ11 = ∑(r1 − R1 )(r1 − R1 )
10
k=1
1
σ11 = 10 ∑10
k=1 {(0.0340 − 0.0096)(0.0340 − 0.0096) + (−0.00477 − 0.0096)(−0.00477 −
0.0096) + (0.0797 − 0.0096)(0.0797 − 0.0096) + (−0.01415 − 0.0096)(−0.01415 −
0.0096) + (0.0095 − 0.0096)(0.0095 − 0.0096) + (−0.0047 − 0.0096)(−0.0047 −
0.0096) + (0.0463 − 0.0096)(0.0463 − 0.0096) + (−0.0114 − 0.0096)(−0.0114 −
0.0096) + (−0.0316 − 0.0096)(−0.0316 − 0.0096) + (−0.0064 − 0.0096)(−0.0064 −
0.0096)}
1
σ11 = 10 (0.0102258)

σ11 =0.00103
10
1
σ12 = ∑(rk1 − R1 )(rk2 − R 2 )
10
k=1
1
σ12 = 10 ∑10
k=1{(0.0340 − 0.0096)(0.0183 − 0.00541) + (−0.00477 − 0.0096)(−0.0253 −
0.00541) + (0.0797 − 0.0096)(−0.0117 − 0.00541) + (−0.01415 − 0.0096)(0.0233 −
0.00541) + (0.0095 − 0.0096)(0.0022 − 0.00541) + (−0.0047 − 0.0096)(0.0255 −
0.00541) + (0.0463 − 0.0096)(0.0213 − 0.00541) + (−0.0114 − 0.0096)(0.0267 −
0.00541) + (−0.0316 − 0.0096)(−0.0136 − 0.00541) + (−0.0064 − 0.0096)(−0.0126 −
0.00541)}
1
σ12 = (−0.00675)
10
σ12 =0.00068
10
1
σ13 = ∑(rk1 − R1 )(rk3 − R 3 )
10
k=1

1
σ13 = (0.00181)
10
σ13 =0.000181
10
1
σ14 = ∑(rk1 − R1 )(rk4 − R 4 )
10
k=1
 1
σ14 = 10 ∑10
k=1{(0.0340 − 0.0096)(0.0230 − 0.01101) + (−0.00477 − 0.0096)(−0.0053 −
0.01101) + (0.0797 − 0.0096)(0.0461 − 0.01101) + (−0.01415 − 0.0096)(0.0423 −
0.01101) + (0.0095 − 0.0096)(−0.0057 − 0.01101) + (−0.0047 − 0.0096)(0.0235 −
0.01101) + (0.00463 − 0.0096)(0.0159 − 0.01101) + (−0.0114 − 0.0096)(−0.0118 −
0.01101) + (−0.0316 − 0.0096)(−0.0468 − 0.01101) + (−0.0064 − 0.0096)(0.0289 −
0.01101)}
1
σ14 = (0.0046169)
10
σ14 =0.000462
10
1
σ21 = ∑(rk2 − R 2 )(rk1 − R1 )
10
k=1
1
σ21 = 10 ∑10
k=1{(0.0183 − 0.00541)(0.0340 − 0.0096) + (−0.0253 − 0.00541)(−0.00477 −
0.0096) + (−0.0117 − 0.00541)(0.0797 − 0.0096) + (0.0233 − 0.00541)(−0.01415 −
0.0096) + (0.0022 − 0.00541)(0.0095 − 0.0096) + (0.0255 − 0.00541)(−0.0047 −
0.0096) + (0.0213 − 0.00541)(0.0463 − 0.0096) + (0.0267 − 0.00541)(−0.0114 −
0.0096) + (−0.0136 − 0.00541)(−0.0316 − 0.0096) + (−0.0126 − 0.00541)(−0.0064 −
0.0096)}
1
σ21 = (0.0000519)
10
σ21 =0.00000519

10
1
σ22 = ∑(rk2 − R 2 )(rk2 − R 2 )
10
k=1
1
σ22 = 10 ∑10
k=1{(0.0183 − 0.00541)(0.0183 − 0.00541) + (−0.0253 − 0.00541)(−0.0253 −
0.00541) + (−0.0117 − 0.00541)(−0.0117 − 0.00541) + (0.0233 − 0.00541)(0.0233 −
0.00541) + (0.0022 − 0.00541)(0.0022 − 0.00541) + (0.0255 − 0.00541)(0.0255 −
0.00541) + (0.0213 − 0.00541)(0.0213 − 0.00541) + (0.0267 − 0.00541)(0.0267 −
0.00541) + (−0.0136 − 0.00541)(−0.0136 − 0.00541) + (−0.0126 −
0.00541)(−0.0126 − 0.00541)}
1
σ22 = (0.003527469)
10
σ22 =0.0003527
 10
1
σ23 = ∑(rk2 − R 2 )(rk3 − R 3 )
10
k=1

1
σ23 =
10
1
σ23= (0.00201692)
10
σ23= 0.0002012
10
1
σ24 = ∑(rk2 − R 2 )(rk4 − R 4 )
10
k=1
1
σ24= 10 ∑10
k=1{(0.0183 − 0.00541)(0.0230 − 0.01101) + (−0.0253 − 0.00541)(−0.0053 −
0.01101) + (−0.0117 − 0.00541)(0.0461 − 0.01101) + (0.0233 − 0.00541)(0.0423 −
0.01101) + (0.0022 − 0.00541)(−0.0057 − 0.01101) + (0.0255 − 0.00541)(0.0235 −
0.01101) + (0.0213 − 0.00541)(0.0159 − 0.01101) + (0.0267 − 0.00541)(−0.0118 −
0.01101) + (−0.0136 − 0.00541)(−0.0468 − 0.01101) + (−0.0126 − 0.00541)(0.0289 −
0.01101)}
1
σ24= (0.00128823)
10
σ24= 0.000129
10
1
σ31 = ∑(rk3 − R 3 )(rk1 − R1 )
10
k=1

1
σ31 =
10
1
σ31 = (0.00181)
10
σ31 =0.000181
10
1
σ32 = ∑(rk3 − R 3 )(rk2 − R 2 )
10
k=1
1
σ32 = 10 ∑10
k=1{(0.0326 − 0.00667)(0.0183 − 0.00541) + (−0.0160 − 0.00667)(−0.0253 −
0.00541) + (−0.0054 − 0.00667)(−0.0117 − 0.00541) + (−0.0185 − 0.00667)(0.0233 −
0.00541) + (0.0557 − 0.00667)(0.0022) − 0.00541)) + (0.0228 − 0.00667)(0.0255 −
0.00541) + (0.0354 − 0.00667)(0.0213 − 0.00541) + (−0.0058 − 0.00667)(0.0267 −
0.00541) + (−0.0115 − 0.00667)(−0.0136 − 0.00541) + (−0.0226 −
0.00667)(−0.0126 − 0.00541)}
 1
σ32= (0.00201692)
10
σ32= 0.000202

10
1
σ33 = ∑(rk3 − R 3 )(rk3 − R 3 )
10
k=1
1
σ33 = 10 ∑10
k=1{(0.0326 − 0.00667)(0.0326 − 0.00667) + (−0.0160 − 0.00667)(−0.0160 −
0.00667) + (−0.0054 − 0.00667)(−0.0054 − 0.00667) + (−0.0185 −
0.00667)(−0.0185 − 0.00667) + (0.0557 − 0.00667)(0.0557 − 0.00667) + (0.0228 −
0.00667)(0.0228 − 0.00667) + (0.0354 − 0.00667)(0.0354 − 0.00667) + (−0.0058 −
0.00667)(−0.0058 − 0.00667) + (−0.0115 − 0.00667)(−0.0115 − 0.00667) +
(−0.0226 − 0.00667)(−0.0226 − 0.00667)}
1
σ33 = (0.00679742)
10
σ33 =0.000679
10
1
σ34 = ∑(rk3 − R 3 )(rk4 − R 4 )
10
k=1
1
σ34 = 10 ∑10
k=1{(0.0326 − 0.00667)(0.0230 − 0.01101) + (−0.0160 − 0.00667)(−0.0053 −
0.01101) + (−0.0054 − 0.00667)(0.0461 − 0.01101) + (−0.0185 − 0.00667)(0.0423 −
0.01101) + (−0.0557 − 0.00667)(0.0057 − 0.01101) + (0.0228 − 0.00667)(0.0235 −
0.01101) + (0.0354 − 0.00667)(0.0159 − 0.01101) + (−0.0058 − 0.00667)(−0.0118 −
0.01101) + (−0.0115 − 0.00667)(−0.0468 − 0.01101) + (−0.0226 − 0.00667)(0.0289 −
0.01101)}
1
σ34 = (−0.000196587)
10
σ34 = −0.0000197

10
1
σ41 = ∑(rk4 − 4)(rk1 − R1 )
10
k=1
 10
1
σ41 = ∑{(0.0230 − 0.01101)(0.0340 − 0.0096)
10
k=1
+ (−0.0053 − 0.01101)(−0.00477 − 0.0096)
+ (0.0461 − 0.01101)(0.0797 − 0.0096)
+ (0.0423 − 0.01101)(−0.01415 − 0.0096)
+ (−0.0057 − 0.01101)(0.0095 − 0.0096)
+ (0.0235 − 0.01101)(−0.0047 − 0.0096)
+ (0.0159 − 0.01101)(0.00463 − 0.0096)
+ (−0.0118 − 0.01101)(−0.0114 − 0.0096)
+ (−0.0468 − 0.01101)(−0.0316 − 0.0096) + (0.0289 − 0.01101) (−0.0064
− 0.0096)}
1
σ41 = (0.0046169)
10
σ41 =0.000462
10
1
σ42 = ∑(rk4 − R 4 )(rk2 − R 2 )
10
k=1

1
σ42 = 10 ∑10
k=1{(0.0230 − 0.01101)(0.0183 − 0.00541) + (−0.0053 − 0.01101)(−0.0253 −
0.00541) + (0.0461 − 0.01101)(−0.0117 − 0.00541) + (0.0423 − 0.01101)(0.0233 −
0.00541) + (−0.0057 − 0.01101)(0.0022 − 0.00541) + (0.0235 − 0.01101)(0.0255 −
0.00541) + (0.0159 − 0.01101)(0.0213 − 0.00541) + (−0.0118 − 0.01101)(0.0267 −
0.00541) + (−0.0468 − 0.01101)(−0.0136 − 0.00541) + (0.0289 − 0.01101)(−0.0126 −
0.00541)}
1
σ42=(0.00128823)
10
σ42= 0.000129
1 10
σ43 = 10 ∑k=1{(0.0230 − 0.01101)(0.0326 − 0.00667) + (−0.0053 − 0.01101)(−0.0160 −
0.00667) + (0.0461 − 0.01101)(−0.0054 − 0.00667) + (0.0423 − 0.01101)(−0.0185 −
0.00667) + (−0.0057 − 0.01101)(0.0557 − 0.00667) + (0.0235 − 0.01101)(0.0228 −
0.00667) + (0.0159 − 0.01101)(0.0354 − 0.00667) + (−0.0118 − 0.01101)(−0.0058 −
0.00667) + (−0.0468 − 0.01101)(−0.0115 − 0.00667) + (0.0289 − 0.01101) (−0.0226 −
0.00667)}
1
σ43 = (−0.000196587)
10
σ43 = −0.0000197
 10
1
σ44 = ∑(rk4 − R 4 )(rk4 − R 4 )
10
k=1
1
σ44 = 10 ∑10
k=1{(0.0230 − 0.01101)(0.0230 − 0.01101) + (−0.0053 − 0.01101)(−0.0053 −
0.01101) + (0.0461 − 0.01101)(0.0461 − 0.01101) + (0.0423 − 0.01101)(0.0423 −
0.01101) + (−0.0057 − 0.01101)(−0.0057 − 0.01101) + (0.0235 − 0.01101)(0.0235 −
0.01101) + (0.0159 − 0.01101)(0.0159 − 0.01101) + (−0.0118 − 0.01101)(−0.0118 −
0.01101) + (−0.0468 − 0.01101)(−0.0468 − 0.01101) + (0.0289 − 0.01101)(0.0289 −
0.01101)}
1
σ44 = (0.00726163)
10
σ44 =0.00073
 Now finding portfolio variance

𝑁 𝑁

𝑣𝑝𝑑 = ∑ ∑ 𝑤𝑑𝑖 𝑤𝑑𝑗 𝜎𝑖𝑗

𝑖=1 𝑗=1

𝑣𝑝1=∑𝑁 𝑁
𝑖=1 ∑𝑗=1 𝑤1𝑖 𝑤1𝑗 𝜎𝑖𝑗

𝑁 𝑁 𝑁 𝑁

𝑣𝑝1 = 𝑤11 {∑ 𝑤1𝑗 𝜎1𝑗 } + 𝑤12 {∑ 𝑤1𝑗 𝜎2𝑗 } + 𝑤13 {∑ 𝑤1𝑗 𝜎3𝑗 } + 𝑤14 {∑ 𝑤1𝑗 𝜎4𝑗 }
𝑖=1 𝑖=1 𝑗=1 𝑖=1

𝑣𝑝1 = 𝑤11 {𝑤11 𝜎11 + 𝑤12 𝜎12 + 𝑤13 𝜎13 + 𝑤14 𝜎14 } + 𝑤12 {𝑤11 𝜎21 + 𝑤12 𝜎22 + 𝑤13 𝜎23 + 𝑤14 𝜎24 }
+ 𝑤13 {𝑤11 𝜎31 + 𝑤12 𝜎32 + 𝑤13 𝜎33 + 𝑤14 𝜎34 }
+ 𝑤14 {𝑤11 𝜎41 + 𝑤12 𝜎42 + 𝑤13 𝜎43 + 𝑤14 𝜎44 }
 𝑣𝑝1 = {(0.230.233838 ∗ 0.00103) + (0.4459 ∗ 0.00068) + (0.1271 ∗ 0.000181)
+ (0.1930 ∗ 0.000462)}
+ 0.4459{(0.2338 ∗ 0.00068) + (0.4459 ∗ 0.000353)
+ (0.1271 ∗ 0.0002012) + (0.1930 ∗ 0.000129)}
+ 0.1271{(0.2338 ∗ 0.000181) + (0.4459 ∗ 0.0002012)
+ (0.1271 ∗ 0.000679) + (0.1930 ∗ −0.0000197)}
+ 0.1930{(0.2338 ∗ 0.000462) + (0.4459 ∗ 0.000129)
+ (0.1271 ∗ −0.0000197) + (0.1930 ∗ 0.0073)}
𝑣𝑝1 = 0.000965011

𝑁 𝑁 𝑁 𝑁

𝑣𝑝2 = 𝑤21 {∑ 𝑤2𝑗 𝜎1𝑗 } + 𝑤22 {∑ 𝑤2𝑗 𝜎2𝑗 } + 𝑤23 {∑ 𝑤2𝑗 𝜎3𝑗 } + 𝑤24 {∑ 𝑤2𝑗 𝜎4𝑗 }
𝑖=1 𝑖=1 𝑖=1 𝑖=1

𝑣𝑝2 = 𝑤21 {𝑤21 𝜎11 + 𝑤22 𝜎12 + 𝑤23 𝜎13 + 𝑤24 𝜎14 }
+ 𝑤22 {𝑤21 𝜎21 + 𝑤22 𝜎22 + 𝑤23 𝜎23 + 𝑤24 𝜎24 }
+ 𝑤23 {𝑤21 𝜎31 + 𝑤22 𝜎32 + 𝑤23 𝜎33 + 𝑤24 𝜎34 }
+ 𝑤24 {𝑤21 𝜎41 + 𝑤22 𝜎42 + 𝑤23 𝜎43 + 𝑤24 𝜎44 }
𝑣𝑝2 = 0.2317{(0.2317 ∗ 0.000103) + (0.4487 ∗ 0.00068) + (0.1262 ∗ 0.000181) + (0.1933
∗ 0.000462)}
+ 0.4487{(0.2317 ∗ 0.00068) + (0.4487 ∗ 0.000353)
+ (0.1262 ∗ 0.0002021) + (0.1933 ∗ 0.000129)}
+ 0.1262{(0.2317 ∗ 0.00181) + (0.4487 ∗ 0.0002012)
+ (0.1262 ∗ 0.000679) + (0.1933 ∗ −0.0000197)}
+ 0.1933{(0.2317 ∗ 0.000462) + (0.4487 ∗ 0.000129)
+ (0.1262 ∗ −0.0000197) + (0.1933 ∗ 0.00073)}
𝑣𝑝2 = 0.000399936

𝑁 𝑁 𝑁 𝑁

𝑣𝑝3 = 𝑤31 {∑ 𝑤2𝑗 𝜎1𝑗 } + 𝑤32 {∑ 𝑤2𝑗 𝜎2𝑗 } + 𝑤33 {∑ 𝑤2𝑗 𝜎3𝑗 } + 𝑤34 {∑ 𝑤2𝑗 𝜎4𝑗 }
𝑖=1 𝑖=1 𝑖=1 𝑖=1

𝑣𝑝3 = 𝑤31 {𝑤31 𝜎11 + 𝑤32 𝜎12 + 𝑤33 𝜎13 + 𝑤34 𝜎14 }
+ 𝑤32 {𝑤31 𝜎21 + 𝑤32 𝜎22 + 𝑤33 𝜎23 + 𝑤34 𝜎24 }
+ 𝑤33 {𝑤31 𝜎31 + 𝑤32 𝜎32 + 𝑤33 𝜎33 + 𝑤34 𝜎34 }
+ 𝑤34 {𝑤31 𝜎41 + 𝑤32 𝜎42 + 𝑤33 𝜎43 + 𝑤34 𝜎44 }
 𝑣𝑝3 = 0.2286{(0.2286 ∗ 0.000103) + (0.4535 ∗ 0.00068) + (0.1263 ∗ 0.000181)
+ (0.1915 ∗ 0.000462)}
+ 0.4535{(0.2286 ∗ 0.00068) + (0.4535 ∗ 0.000353)
+ (0.1263 ∗ 0.0002012) + (0.1915 ∗ 0.000129)}
+ 0.1263{(0.2286 ∗ 0.000181) + (0.4535 ∗ 0.0002012)
+ (0.1263 ∗ 0.000679) + (0.1915 ∗ −0.0000197)} + 0.1915{(0.2286
∗ 0.000462) + (0.4535 ∗ 0.000129) + (0.1263 ∗ −0.0000197) + (0.1915
∗ 0.00073)}
𝑣𝑝3 =0.000351978
𝑁 𝑁 𝑁 𝑁

𝑣𝑝4 = 𝑤41 {∑ 𝑤4𝑗 𝜎1𝑗 } + 𝑤42 {∑ 𝑤4𝑗 𝜎2𝑗 } + 𝑤43 {∑ 𝑤2𝑗 𝜎3𝑗 } + 𝑤44 {∑ 𝑤4𝑗 𝜎4𝑗 }
𝑖=1 𝑖=1 𝑖=1 𝑖=1

𝑣𝑝4 = 𝑤41 {𝑤41 𝜎11 + 𝑤42 𝜎12 + 𝑤43 𝜎13 + 𝑤44 𝜎14 } + 𝑤42 {𝑤41 𝜎21 + 𝑤42 𝜎22 + 𝑤43 𝜎23 + 𝑤44 𝜎24 }
+ 𝑤43 {𝑤41 𝜎31 + 𝑤42 𝜎32 + 𝑤43 𝜎33 + 𝑤44 𝜎34 }
+ 𝑤44 {𝑤41 𝜎41 + 𝑤42 𝜎42 + 𝑤43 𝜎43 + 𝑤44 𝜎44 }
𝑣𝑝4= 0.2282{(0.2282 ∗ 0.00103) + (0.4615 ∗ 0.00068) + (0.1263 ∗ 0.000181)
+ (0.1840 ∗ 0.000462)}
+ 0.4615{(0.2282 ∗ 0.00068) + (0.4615 ∗ 0.000353)
+ (0.1263 ∗ 0.0002012) + (0.1840 ∗ 0.000129)}
+ 0.1263{(0.2282 ∗ 0.000181) + (0.4615 ∗ 0.0002012)
+ (0.1263 ∗ 0.000679) + (0.1840 ∗ −0.0000197)}
+ 0.1840{(0.2282 ∗ 0.000462) + (0.4615 ∗ 0.000129)
+ (0.1263 ∗ −0.0000197) + (0.1840 ∗ 0.0073)}
𝑣𝑝4 =0.000623706
𝑁 𝑁 𝑁 𝑁

𝑣𝑝5 = 𝑤51 {∑ 𝑤5𝑗 𝜎1𝑗 } + 𝑤52 {∑ 𝑤5𝑗 𝜎2𝑗 } + 𝑤53 {∑ 𝑤5𝑗 𝜎3𝑗 } + 𝑤54 {∑ 𝑤5𝑗 𝜎4𝑗 }
𝑖=1 𝑖=1 𝑖=1 𝑖=1

𝑣𝑝5 = 𝑤51 {𝑤51 𝜎11 + 𝑤52 𝜎12 + 𝑤53 𝜎13 + 𝑤54 𝜎14 }
+ 𝑤52 {𝑤51 𝜎21 + 𝑤52 𝜎22 + 𝑤53 𝜎23 + 𝑤54 𝜎24 }
+ 𝑤53 {𝑤51 𝜎31 + 𝑤52 𝜎32 + 𝑤53 𝜎33 + 𝑤54 𝜎34 }
+ 𝑤54 {𝑤51 𝜎41 + 𝑤52 𝜎42 + 𝑤53 𝜎43 + 𝑤54 𝜎44 }
𝑣𝑝5 = 0.2221{(0.2221 ∗ 0.00103) + (0.4638 ∗ 0.00068) + (0.1324 ∗ 0.000181)
+ (0.1816 ∗ 0.000462)}
+ 0.2438{(0.2221 ∗ 0.00068) + (0.4638 ∗ 0.000353)
+ (0.1324 ∗ 0.0002012)
+ (0.1816 ∗ 0.000129)} + 0.1324{(0.2221 ∗ 0.000181)
+ (0.4638 ∗ 0.0002012) + (0.1324 ∗ 0.000679) + (0.1816 ∗ −0.0000197)}
+ 0.1816{(0.2221 ∗ 0.000462) + (0.4638 ∗ 0.000129)
+ (0.1324 ∗ −0.0000197) + (0.1816 ∗ 0.0073)}
𝑣𝑝5 =0.000532629

𝑁 𝑁 𝑁 𝑁

𝑣𝑝6 = 𝑤61 {∑ 𝑤6𝑗 𝜎1𝑗 } + 𝑤62 {∑ 𝑤6𝑗 𝜎2𝑗 } + 𝑤63 {∑ 𝑤6𝑗 𝜎3𝑗 } + 𝑤64 {∑ 𝑤6𝑗 𝜎4𝑗 }
𝑖=1 𝑖=1 𝑖=1 𝑖=1

𝑣𝑝6 = 𝑤61 {𝑤61 𝜎11 + 𝑤62 𝜎12 + 𝑤63 𝜎13 + 𝑤64 𝜎14 }
+ 𝑤62 {𝑤61 𝜎21 + 𝑤62 𝜎22 + 𝑤63 𝜎23 + 𝑤64 𝜎24 }
+ 𝑤63 {𝑤61 𝜎31 + 𝑤62 𝜎32 + 𝑤63 𝜎33 + 𝑤64 𝜎34 }
+ 𝑤64 {𝑤61 𝜎41 + 𝑤62 𝜎32 + 𝑤63 𝜎43 + 𝑤64 𝜎44 }
𝑣𝑝6= 0.2221{(0.2221 ∗ 0.00103) + (0.4670 ∗ 0.00068) + (0.1265 ∗ 0.000181)
+ (0.1834 ∗ 0.000462)}
+ 0.4670{(0.2221 ∗ 0.00068) + (0.4670 ∗ 0.000353)
+ (0.1265 ∗ 0.0002012) + (0.1834 ∗ 0.000129)}
+ 0.1265{(0.2221 ∗ 0.000181) + (0.4670 ∗ 0.0002012)
+ (0.1265 ∗ 0.000679) + (0.1834 ∗ −0.0000197)}
+ 0.1834{(0.2221 ∗ 0.000462) + (0.4670 ∗ 0.000129)
+ (0.1265 ∗ −0.0000197) + (0.1834 ∗ 0.0073)}
𝑣𝑝6 =0.000618022

𝑁 𝑁 𝑁 𝑁

𝑣𝑝7 = 𝑤71 {∑ 𝑤7𝑗 𝜎1𝑗 } + 𝑤72 {∑ 𝑤7𝑗 𝜎2𝑗 } + 𝑤73 {∑ 𝑤7𝑗 𝜎3𝑗 } + 𝑤74 {∑ 𝑤7𝑗 𝜎4𝑗 }
𝑖=1 𝑖=1 𝑖=1 𝑖=1
 𝑣𝑝7 = 𝑤71 {𝑤71 𝜎11 + 𝑤72 𝜎12 + 𝑤73 𝜎13 + 𝑤74 𝜎14 }
+ 𝑤72 {𝑤71 𝜎21 + 𝑤72 𝜎22 + 𝑤73 𝜎23 + 𝑤74 𝜎24 }
+ 𝑤73 {𝑤71 𝜎31 + 𝑤72 𝜎32 + 𝑤73 𝜎33 + 𝑤74 𝜎34 }
+ 𝑤74 {𝑤71 𝜎41 + 𝑤72 𝜎32 + 𝑤73 𝜎43 + 𝑤74 𝜎44 }

𝑣𝑝7 = 0.2227{(0.2227 ∗ 0.00103) + (0.4636 ∗ 0.00068) + (0.1259 ∗ 0.000181)

+ (0.1834 ∗ 0.000462)}
+ 0.4636{(0.2227 ∗ 0.00068) + (0.4636 ∗ 0.000353)
+ (0.1259 ∗ 0.0002012) + (0.1834 ∗ 0.000129)}
+ 0.1259{(0.2227 ∗ 0.000181) + (0.4636 ∗ 0.0002012)
+ (0.1259 ∗ 0.000679) + (0.1834 ∗ −0.0000197)}
+ 0.1834{(0.2227 ∗ 0.000462) + (0.4636 ∗ 0.000129)
+ (0.1259 ∗ −0.0000197) + (0.1834 ∗ 0.0073)}
𝑣𝑝7 =0.000616068

𝑁 𝑁 𝑁 𝑁

𝑣𝑝8 = 𝑤81 {∑ 𝑤8𝑗 𝜎1𝑗 } + 𝑤82 {∑ 𝑤8𝑗 𝜎2𝑗 } + 𝑤83 {∑ 𝑤8𝑗 𝜎3𝑗 } + 𝑤84 {∑ 𝑤8𝑗 𝜎4𝑗 }
𝑖=1 𝑖=1 𝑖=1 𝑖=1

𝑣𝑝8 = 𝑤81 {𝑤81 𝜎11 + 𝑤82 𝜎12 + 𝑤83 𝜎13 + 𝑤84 𝜎14 }
+ 𝑤82 {𝑤81 𝜎21 + 𝑤82 𝜎22 + 𝑤83 𝜎23 + 𝑤84 𝜎24 }
+ 𝑤83 {𝑤81 𝜎31 + 𝑤82 𝜎32 + 𝑤83 𝜎33 + 𝑤84 𝜎34 }
+ 𝑤84 {𝑤81 𝜎41 + 𝑤82 𝜎32 + 𝑤83 𝜎43 + 𝑤84 𝜎44 }
𝑣𝑝8 = 0.2231{(0.2231 ∗ 0.00103) + (0.4664 ∗ 0.00068) + (0.125 ∗ 0.000181)
+ (0.1854 ∗ 0.000462)}
+ 0.4664{(0.2231 ∗ 0.00068) + (0.4664 ∗ 0.000353) + (0.125 ∗ 0.0002012)
+ (0.1854 ∗ 0.000129)}
+ 0.125{(0.2231 ∗ 0.000181) + (0.4664 ∗ 0.0002012) + (0.125 ∗ 0.000679)
+ (0.1854 ∗ −0.0000197)} + 0.1854{(0.2231 ∗ 0.000462)
+ (0.4664 ∗ 0.000129) + (0.125 ∗ −0.0000197) + (0.1854 ∗ 0.0073)}
𝑣𝑝8 =0.000624272

𝑁 𝑁 𝑁 𝑁

𝑣𝑝9 = 𝑤91 {∑ 𝑤9𝑗 𝜎1𝑗 } + 𝑤92 {∑ 𝑤9𝑗 𝜎2𝑗 } + 𝑤93 {∑ 𝑤𝑗 𝜎3𝑗 } + 𝑤94 {∑ 𝑤9𝑗 𝜎4𝑗 }
𝑖=1 𝑖=1 𝑖=1 𝑖=1
 𝑣𝑝9 = 𝑤91 {𝑤91 𝜎11 + 𝑤92 𝜎12 + 𝑤93 𝜎13 + 𝑤94 𝜎14 }
+ 𝑤92 {𝑤91 𝜎21 + 𝑤92 𝜎22 + 𝑤93 𝜎23 + 𝑤94 𝜎24 }
+ 𝑤93 {𝑤91 𝜎31 + 𝑤92 𝜎32 + 𝑤93 𝜎33 + 𝑤94 𝜎34 }
+ 𝑤94 {𝑤91 𝜎41 + 𝑤92 𝜎32 + 𝑤93 𝜎43 + 𝑤94 𝜎44 }
𝑣𝑝9 = 0.2272{(0.2272 ∗ 0.00103) + (0.4573 ∗ 0.00068) + (0.1265 ∗ 0.000181)
+ (0.1889 ∗ 0.000462)}
+ 0.4573{(0.2272 ∗ 0.00068) + (0.4573 ∗ 0.000353)
+ (0.1265 ∗ 0.0002012) + (0.1889 ∗ 0.000129)}
+ 0.1265{(0.2272 ∗ 0.000181) + (0.4573 ∗ 0.0002012)
+ (0.1265 ∗ 0.000679) + (0.1889 ∗ −0.0000197)}
+ 0.1889{(0.2272 ∗ 0.000462) + (0.4573 ∗ 0.000129)
+ (0.1265 ∗ −0.0000197) + (0.1889 ∗ 0.0073)}
𝑣𝑝9 =0.000634328

𝑁 𝑁 𝑁 𝑁

𝑣𝑝10 = 𝑤101 {∑ 𝑤10𝑗 𝜎1𝑗 } + 𝑤102 {∑ 𝑤10𝑗 𝜎2𝑗 } + 𝑤103 {∑ 𝑤10𝑗 𝜎3𝑗 } + 𝑤104 {∑ 𝑤10𝑗 𝜎4𝑗 }
𝑖=1 𝑖=1 𝑖=1 𝑖=1

𝑣𝑝10 = 𝑤101 {𝑤101 𝜎11 + 𝑤102 𝜎12 + 𝑤103 𝜎13 + 𝑤104 𝜎14 }
+ 𝑤102 {𝑤101 𝜎21 + 𝑤102 𝜎22 + 𝑤103 𝜎23 + 𝑤104 𝜎24 }
+ 𝑤103 {𝑤101 𝜎31 + 𝑤102 𝜎32 + 𝑤103 𝜎33 + 𝑤104 𝜎34 }
+ 𝑤104 {𝑤101 𝜎41 + 𝑤102 𝜎32 + 𝑤103 𝜎43 + 𝑤104 𝜎44 }
𝑣𝑝10 = 0.12289{(0.12289 ∗ 0.00103) + (0.4525 ∗ 0.00068) + (0.125 ∗ 0.000181)
+ (0.1935 ∗ 0.000462)}
+ 0.4525{(0.12289 ∗ 0.00068) + (0.4525 ∗ 0.000353)
+ (0.125 ∗ 0.0002012) + (0.1935 ∗ 0.000129)}
+ 0.125{(0.12289 ∗ 0.000181) + (0.4525 ∗ 0.0002012)
+ (0.125 ∗ 0.000679) + (0.1935 ∗ −0.0000197)}
+ 0.1935{(0.12289 ∗ 0.000462) + (0.4525 ∗ 0.000129)
+ (0.125 ∗ −0.0000197) + (0.1935 ∗ 0.0073)}
𝑣𝑝10 =0.000519329