Part 1: Using the following information to answer Questions 1 to 4

Date (M/D/YY) SP500 AMC APPL BAC BP CL

5/1/2018 2,705.27 12.217362 44.536777 25.963455 34.562534 55.912434
6/1/2018 2,718.37 13.125408 44.287445 25.30648 34.889332 57.436745
7/1/2018 2,816.29 13.641843 45.526756 27.721321 34.453785 59.386467
8/1/2018 2,901.52 15.943382 54.46032 27.766212 32.765102 59.233856
9/1/2018 2,913.98 17.156919 54.197548 26.446575 35.717735 59.7155
10/1/2018 2,711.74 17.5588 52.545734 24.806396 33.602562 53.115128
11/1/2018 2,760.17 12.444318 42.874985 25.61824 31.262703 57.033066
12/1/2018 2,506.85 11.195328 38.003685 22.22653 29.805157 53.44157
1/1/2019 2,704.10 13.541105 40.099731 25.824913 32.320366 58.0746
2/1/2019 2,784.49 12.968035 41.716339 26.378239 33.522945 59.542374
3/1/2019 2,834.40 13.725967 45.960186 25.154444 34.866859 61.955879
4/1/2019 2,945.83 14.204454 48.553986 27.880497 34.874828 65.797623
5/1/2019 2,752.06 11.224892 42.359825 24.251839 32.47435 63.326561
6/1/2019 2,941.76 8.741922 48.073009 26.439974 33.74678 65.191223
7/1/2019 2,980.38 11.287916 51.745525 28.122814 32.160591 65.254898
8/1/2019 2,926.46 10.600908 50.701099 25.217035 29.902716 67.838608
9/1/2019 2,976.74 10.209696 54.607018 26.73867 31.256294 67.253067
10/1/2019 3,037.56 9.09192 60.651169 28.852556 31.190468 62.760994
11/1/2019 3,140.98 7.937237 65.159294 30.744074 30.787315 62.440502
12/1/2019 3,230.78 7.195854 71.810928 32.497192 31.542953 63.379593
1/1/2020 3,225.52 6.480244 75.689423 30.457335 30.197319 67.927757
2/1/2020 2,954.22 6.221829 66.849091 26.440271 26.152065 62.587837
3/1/2020 2,584.59 3.140732 62.333183 19.695686 20.73654 61.467064
4/1/2020 2,912.43 4.92 72.018127 22.454241 20.234921 65.088768
5/1/2020 3,044.31 5.13 77.935493 22.519594 19.67378 67.404037
6/1/2020 3,100.29 4.29 89.664169 22.174147 20.359934 68.270691
7/1/2020 3,271.12 4.04 104.470558 23.391171 19.242409 71.94236
8/1/2020 3,500.31 5.88 126.866928 24.199707 18.273308 74.29808
9/1/2020 3,363.00 4.71 114.065025 22.648447 15.444291 72.32016
10/1/2020 3,269.96 2.36 107.219749 22.436998 13.692878 73.951233
11/1/2020 3,621.63 4.27 117.256203 26.659319 17.301855 80.721527
12/1/2020 3,756.07 2.12 130.916153 28.694742 18.512554 80.598999
1/1/2021 3,714.24 13.26 130.195923 28.244865 20.046242 73.520302
2/1/2021 3,811.15 8.01 119.638954 33.065075 22.021999 71.276703
3/1/2021 3,972.89 10.21 120.697151 36.856449 22.265306 74.717323
4/1/2021 4,181.17 10.03 129.896423 38.801022 23.00596 76.489746
5/1/2021 4,204.11 26.120001 123.127876 40.581673 23.984352 79.856186
6/1/2021 4,297.50 56.68 135.560883 39.471161 24.445629 77.539993
7/1/2021 4,395.26 37.02 144.369934 36.878181 22.373026 75.776634
8/1/2021 4,522.68 47.130001 150.278961 40.13723 22.632095 74.699547
9/1/2021 4,307.54 38.060001 140.264313 40.810188 25.609835 72.428391
10/1/2021 4,605.38 35.369999 148.491837 46.169682 26.977942 73.012947
11/1/2021 4,567.00 33.939999 163.856491 42.971241 24.326059 72.326965
12/1/2021 4,766.18 27.200001 176.27623 42.990566 25.247549 82.276512
1/1/2022 4,515.55 16.059999 173.506546 44.799549 29.314844 79.490242
2/1/2022 4,373.79 18.860001 163.916916 42.915913 27.693615 74.590675
3/1/2022 4,530.41 24.639999 173.55864 40.022488 28.158106 73.505035
4/1/2022 4,131.93 15.3 156.700745 34.81282 27.50683 74.687614
5/1/2022 4,132.15 14.34 147.943787 36.295876 31.002649 76.84169
6/1/2022 3,785.38 13.55 136.096451 30.373404 27.450401 78.138466
7/1/2022 4,130.29 14.56 161.768829 33.178272 28.447716 76.77343
8/1/2022 3,955.00 9.12 156.502945 32.98201 29.861389 76.721764
9/1/2022 3,585.62 6.97 137.760773 29.635723 27.970985 68.913239
10/1/2022 3,871.98 6.66 152.852676 35.599628 32.605057 72.434921
11/1/2022 4,080.11 7.23 147.55954 37.387508 35.171925 76.506821
12/1/2022 3,839.50 4.07 129.731918 32.715309 34.590782 77.800369
1/1/2023 4,076.60 5.35 144.070023 35.251366 35.878159 73.593872
2/1/2023 3,970.15 7.14 147.185272 34.078968 39.215431 72.834541
3/1/2023 4,109.31 5.01 164.899994 28.415701 37.939999 74.672798
4/1/2023 4,169.48 5.5 169.679993 29.280001 40.279999 79.293266
DIS GM GOOG TSN WMT 1-year Treasury Bill
96.735062 39.020149 54.2495 60.059193 75.467278 2.20
101.928238 36.004536 55.782501 61.54945 78.804115 2.25
110.43766 34.945221 60.862999 51.537045 82.097977 2.31
109.815689 33.230682 60.9095 56.149902 88.198059 2.36
114.638878 31.036816 59.6735 53.47205 86.905762 2.47
112.570396 34.0956 53.838501 53.822365 92.800652 2.56
113.217415 35.362881 54.7215 52.951065 90.366806 2.60
107.492332 31.169657 51.780499 48.283558 86.202438 2.57
110.173546 36.742252 55.818501 55.987228 89.166519 2.50
111.477608 37.175392 55.995998 55.75214 92.106766 2.47
109.689461 34.934326 58.665501 63.161877 90.748291 2.41
135.316269 37.040318 59.424 68.238106 96.203926 2.34
130.445786 31.705374 55.181499 69.038666 94.894264 2.27
137.954025 36.640915 54.045502 73.813675 103.909363 1.94
141.28334 38.773266 60.834 72.680046 103.805931 1.91
136.442535 35.649494 59.404999 85.058525 107.454834 1.73
129.543869 36.024349 60.950001 79.077827 112.160973 1.75
129.146255 36.07526 63.005501 76.002464 110.818985 1.57
150.677261 34.949123 65.248001 82.520363 112.54847 1.53
143.768646 35.531612 66.850998 83.969276 112.312187 1.51
138.309998 32.763077 71.711502 76.212433 108.686447 1.49
117.650002 29.92734 66.966499 62.561901 102.221672 1.37
96.599998 20.389841 58.140499 53.692665 107.860565 0.32
108.150002 22.1383 67.432999 57.700829 115.899147 0.18
117.300003 25.703865 71.445999 57.004974 118.292458 0.16
111.510002 25.127813 70.680496 55.773685 114.713837 0.18
116.940002 24.720604 74.148003 57.398983 123.926949 0.15
131.869995 29.428343 81.709 58.659985 132.977264 0.13
124.080002 29.388617 73.480003 55.926392 134.543304 0.13
121.25 34.294998 81.050499 53.810814 133.42778 0.13
148.009995 43.541634 88.037003 61.304642 146.929214 0.12
181.179993 41.356606 87.594002 61.007725 138.620651 0.10
168.169998 50.335087 91.787003 60.88464 135.594894 0.10
189.039993 50.980659 101.843002 64.065674 125.393173 0.07
184.520004 57.068939 103.431503 70.803787 131.097244 0.07
186.020004 56.830578 120.505997 73.805565 135.598892 0.06
178.649994 58.906353 120.578003 75.759094 137.65358 0.05
175.770004 58.7673 125.316002 70.684814 137.211426 0.07
176.020004 56.453163 135.220993 68.480705 138.700119 0.07
181.300003 48.676449 145.462006 75.246338 144.100235 0.07
169.169998 52.351265 133.265503 76.081909 136.114777 0.07
169.070007 54.059563 148.270493 77.074615 145.919556 0.10
144.899994 57.476147 142.451996 76.101173 137.33551 0.17
154.889999 58.230976 144.679504 84.478889 141.300369 0.28
142.970001 52.371132 135.698502 88.094154 137.084427 0.53
148.460007 46.402035 134.891006 89.809708 132.525101 0.97
137.160004 43.442318 139.649506 87.303024 146.01683 1.28
111.629997 37.651993 114.966499 90.741379 150.587677 1.81
110.440002 38.416756 114.039001 87.283539 126.610191 1.97
94.400002 31.54385 109.372498 84.251404 120.105881 2.55
106.099998 36.013222 116.639999 86.160431 130.448944 2.91
112.080002 37.949951 109.150002 73.795845 130.942886 3.16
94.330002 31.94437 96.150002 64.933678 128.685455 3.73
106.540001 39.071877 94.660004 67.317101 141.21666 4.23
97.870003 40.375935 101.449997 65.278389 151.227737 4.51
86.879997 33.487335 88.730003 61.755379 140.680878 4.47
108.489998 39.228603 99.870003 65.22757 143.28273 4.49
99.610001 38.649956 90.300003 58.769299 141.54985 4.70
100.129997 36.594742 104 59.32 146.848114 4.47
102.5 33.040001 108.220001 62.490002 150.970001 4.48
 NUMBER RULE:
Return and Standard deviation are in percent with 3
numbers after decimal place
SHORT SALE:
If not mentioned, short sale is not allowed

The historical data includes 1 market index, the price of 10 stocks and the annual rate of 1-year Treasury bill.
SP500 S&P 500 index (the market index)
AMC the stock price of AMC Entertainment Holdings, Inc.
APPL the stock price of Apple Inc.
BAC the stock price of Bank of America Corporation
BP the stock price of BP P.l.c
CL the stock price of Colgate Palmolive Company
DIS the stock price of The Wal Disney Company
GM the stock price of General Motors Company
GOOG the stock price of Alphabet Inc.
TSN the stock price of Tyson Foods, Inc.
WMT the stock price of Walmart Inc.
1-year Treasury Bill The annual rate of 1-year T-bill (in %)

Question 1 (20 points)

In 1st May 2018, you buy 500 shares of BAC and sell 250 shares of GOOG on margin. Your account starts at the init
When will you have the margin call? The interest rate of the loan is 0%.
Initial margin: 50% and Maintenance margin: 40%.

Question 2 (10 points)

You want to form a portfolio including the 10 stocks in the data.
What is the lowest standard deviation you can achieve if you want to have target return of 1.8% monthly.

Question 3 (10 points)

You want to form a portfolio including the 10 stocks in the data.
What is the highest return you can achieve if you want to have target standard deviation of 4.5% monthly.

Question 4 (40 points)

You want to form a portfolio including the risk free assets and the 10 stocks in the data.
The current annual risk free rate is 2.2% and the current annual market risk premium is 6%.
The risk aversion coefficient is 8.
Draw the efficient frontier, CAL (show the value of the slope) and what is the optimal portfolio according to Markow
-year Treasury bill.

our account starts at the initial margin requirement.

1.8% monthly.

4.5% monthly.

tfolio according to Markowitz theory. Draw the utility curve in this case.
Date (M/D/ SP500 AMC APPL BAC BP CL DIS GM
5/1/2018 2,705.27 12.217362 44.536777 25.963455 34.562534 55.912434 96.735062 39.020149
6/1/2018 2,718.37 13.125408 44.287445 25.30648 34.889332 57.436745 101.928238 36.004536
7/1/2018 2,816.29 13.641843 45.526756 27.721321 34.453785 59.386467 110.43766 34.945221
8/1/2018 2,901.52 15.943382 54.46032 27.766212 32.765102 59.233856 109.815689 33.230682
9/1/2018 2,913.98 17.156919 54.197548 26.446575 35.717735 59.7155 114.638878 31.036816
10/1/2018 2,711.74 17.5588 52.545734 24.806396 33.602562 53.115128 112.570396 34.0956
11/1/2018 2,760.17 12.444318 42.874985 25.61824 31.262703 57.033066 113.217415 35.362881
12/1/2018 2,506.85 11.195328 38.003685 22.22653 29.805157 53.44157 107.492332 31.169657
1/1/2019 2,704.10 13.541105 40.099731 25.824913 32.320366 58.0746 110.173546 36.742252
2/1/2019 2,784.49 12.968035 41.716339 26.378239 33.522945 59.542374 111.477608 37.175392
3/1/2019 2,834.40 13.725967 45.960186 25.154444 34.866859 61.955879 109.689461 34.934326
4/1/2019 2,945.83 14.204454 48.553986 27.880497 34.874828 65.797623 135.316269 37.040318
5/1/2019 2,752.06 11.224892 42.359825 24.251839 32.47435 63.326561 130.445786 31.705374
6/1/2019 2,941.76 8.741922 48.073009 26.439974 33.74678 65.191223 137.954025 36.640915
7/1/2019 2,980.38 11.287916 51.745525 28.122814 32.160591 65.254898 141.28334 38.773266
8/1/2019 2,926.46 10.600908 50.701099 25.217035 29.902716 67.838608 136.442535 35.649494
9/1/2019 2,976.74 10.209696 54.607018 26.73867 31.256294 67.253067 129.543869 36.024349
10/1/2019 3,037.56 9.09192 60.651169 28.852556 31.190468 62.760994 129.146255 36.07526
11/1/2019 3,140.98 7.937237 65.159294 30.744074 30.787315 62.440502 150.677261 34.949123
12/1/2019 3,230.78 7.195854 71.810928 32.497192 31.542953 63.379593 143.768646 35.531612
1/1/2020 3,225.52 6.480244 75.689423 30.457335 30.197319 67.927757 138.309998 32.763077
2/1/2020 2,954.22 6.221829 66.849091 26.440271 26.152065 62.587837 117.650002 29.92734
3/1/2020 2,584.59 3.140732 62.333183 19.695686 20.73654 61.467064 96.599998 20.389841
4/1/2020 2,912.43 4.92 72.018127 22.454241 20.234921 65.088768 108.150002 22.1383
5/1/2020 3,044.31 5.13 77.935493 22.519594 19.67378 67.404037 117.300003 25.703865
6/1/2020 3,100.29 4.29 89.664169 22.174147 20.359934 68.270691 111.510002 25.127813
7/1/2020 3,271.12 4.04 104.470558 23.391171 19.242409 71.94236 116.940002 24.720604
8/1/2020 3,500.31 5.88 126.866928 24.199707 18.273308 74.29808 131.869995 29.428343
9/1/2020 3,363.00 4.71 114.065025 22.648447 15.444291 72.32016 124.080002 29.388617
10/1/2020 3,269.96 2.36 107.219749 22.436998 13.692878 73.951233 121.25 34.294998
11/1/2020 3,621.63 4.27 117.256203 26.659319 17.301855 80.721527 148.009995 43.541634
12/1/2020 3,756.07 2.12 130.916153 28.694742 18.512554 80.598999 181.179993 41.356606
1/1/2021 3,714.24 13.26 130.195923 28.244865 20.046242 73.520302 168.169998 50.335087
2/1/2021 3,811.15 8.01 119.638954 33.065075 22.021999 71.276703 189.039993 50.980659
3/1/2021 3,972.89 10.21 120.697151 36.856449 22.265306 74.717323 184.520004 57.068939
4/1/2021 4,181.17 10.03 129.896423 38.801022 23.00596 76.489746 186.020004 56.830578
5/1/2021 4,204.11 26.120001 123.127876 40.581673 23.984352 79.856186 178.649994 58.906353
6/1/2021 4,297.50 56.68 135.560883 39.471161 24.445629 77.539993 175.770004 58.7673
7/1/2021 4,395.26 37.02 144.369934 36.878181 22.373026 75.776634 176.020004 56.453163
8/1/2021 4,522.68 47.130001 150.278961 40.13723 22.632095 74.699547 181.300003 48.676449
9/1/2021 4,307.54 38.060001 140.264313 40.810188 25.609835 72.428391 169.169998 52.351265
10/1/2021 4,605.38 35.369999 148.491837 46.169682 26.977942 73.012947 169.070007 54.059563
11/1/2021 4,567.00 33.939999 163.856491 42.971241 24.326059 72.326965 144.899994 57.476147
12/1/2021 4,766.18 27.200001 176.27623 42.990566 25.247549 82.276512 154.889999 58.230976
 1/1/2022 4,515.55 16.059999 173.506546 44.799549 29.314844 79.490242 142.970001 52.371132
2/1/2022 4,373.79 18.860001 163.916916 42.915913 27.693615 74.590675 148.460007 46.402035
3/1/2022 4,530.41 24.639999 173.55864 40.022488 28.158106 73.505035 137.160004 43.442318
4/1/2022 4,131.93 15.3 156.700745 34.81282 27.50683 74.687614 111.629997 37.651993
5/1/2022 4,132.15 14.34 147.943787 36.295876 31.002649 76.84169 110.440002 38.416756
6/1/2022 3,785.38 13.55 136.096451 30.373404 27.450401 78.138466 94.400002 31.54385
7/1/2022 4,130.29 14.56 161.768829 33.178272 28.447716 76.77343 106.099998 36.013222
8/1/2022 3,955.00 9.12 156.502945 32.98201 29.861389 76.721764 112.080002 37.949951
9/1/2022 3,585.62 6.97 137.760773 29.635723 27.970985 68.913239 94.330002 31.94437
10/1/2022 3,871.98 6.66 152.852676 35.599628 32.605057 72.434921 106.540001 39.071877
11/1/2022 4,080.11 7.23 147.55954 37.387508 35.171925 76.506821 97.870003 40.375935
12/1/2022 3,839.50 4.07 129.731918 32.715309 34.590782 77.800369 86.879997 33.487335
1/1/2023 4,076.60 5.35 144.070023 35.251366 35.878159 73.593872 108.489998 39.228603
2/1/2023 3,970.15 7.14 147.185272 34.078968 39.215431 72.834541 99.610001 38.649956
3/1/2023 4,109.31 5.01 164.899994 28.415701 37.939999 74.672798 100.129997 36.594742
4/1/2023 4,169.48 5.5 169.679993 29.280001 40.279999 79.293266 102.5 33.040001
GOOG TSN WMT
54.2495 60.059193 75.467278
55.782501 61.54945 78.804115
60.862999 51.537045 82.097977
60.9095 56.149902 88.198059
59.6735 53.47205 86.905762
53.838501 53.822365 92.800652
54.7215 52.951065 90.366806
51.780499 48.283558 86.202438
55.818501 55.987228 89.166519
55.995998 55.75214 92.106766
58.665501 63.161877 90.748291
59.424 68.238106 96.203926
55.181499 69.038666 94.894264
54.045502 73.813675 103.909363
60.834 72.680046 103.805931
59.404999 85.058525 107.454834
60.950001 79.077827 112.160973
63.005501 76.002464 110.818985
65.248001 82.520363 112.54847
66.850998 83.969276 112.312187
71.711502 76.212433 108.686447
66.966499 62.561901 102.221672
58.140499 53.692665 107.860565
67.432999 57.700829 115.899147
71.445999 57.004974 118.292458
70.680496 55.773685 114.713837
74.148003 57.398983 123.926949
81.709 58.659985 132.977264
73.480003 55.926392 134.543304
81.050499 53.810814 133.42778
88.037003 61.304642 146.929214
87.594002 61.007725 138.620651
91.787003 60.88464 135.594894
101.843002 64.065674 125.393173
103.431503 70.803787 131.097244
120.505997 73.805565 135.598892
120.578003 75.759094 137.65358
125.316002 70.684814 137.211426
135.220993 68.480705 138.700119
145.462006 75.246338 144.100235
133.265503 76.081909 136.114777
148.270493 77.074615 145.919556
142.451996 76.101173 137.33551
144.679504 84.478889 141.300369
SP500 AMC APPL BAC
0.004842 0.074324 -0.005598 -0.025304
0.036022 0.039346 0.027983 0.095424
0.030263 0.168712 0.196227 0.001619
0.004294 0.076115 -0.004825 -0.047527
-0.069403 0.023424 -0.030478 -0.062019
0.017859 -0.291277 -0.184044 0.032727
-0.091777 -0.100366 -0.113616 -0.132394
0.078684 0.209532 0.055154 0.161896
0.029729 -0.042321 0.040315 0.021426
0.017924 0.058446 0.101731 -0.046394
0.039313 0.034860 0.056436 0.108373
-0.065778 -0.209763 -0.127573 -0.130150
0.068930 -0.221202 0.134873 0.090226
0.013128 0.291240 0.076395 0.063648
-0.018092 -0.060862 -0.020184 -0.103325
0.017181 -0.036904 0.077038 0.060342
0.020432 -0.109482 0.110685 0.079057
0.034047 -0.127001 0.074329 0.065558
0.028590 -0.093406 0.102083 0.057023
-0.001628 -0.099448 0.054010 -0.062770
-0.084110 -0.039877 -0.116797 -0.131892
-0.125119 -0.495208 -0.067554 -0.255088
0.126844 0.566514 0.155374 0.140059
0.045282 0.042683 0.082165 0.002910
0.018388 -0.163743 0.150492 -0.015340
0.055101 -0.058275 0.165132 0.054885
0.070065 0.455446 0.214380 0.034566
-0.039228 -0.198980 -0.100908 -0.064102
-0.027666 -0.498938 -0.060012 -0.009336
0.107546 0.809322 0.093606 0.188186
0.037121 -0.503513 0.116497 0.076349
-0.011137 5.254717 -0.005501 -0.015678
0.026091 -0.395928 -0.081085 0.170658
0.042439 0.274657 0.008845 0.114664
0.052425 -0.017630 0.076218 0.052761
0.005487 1.604188 -0.052107 0.045892
0.022214 1.169985 0.100976 -0.027365
0.022748 -0.346860 0.064982 -0.065693
0.028990 0.273096 0.040930 0.088373
-0.047569 -0.192446 -0.066640 0.016766
0.069144 -0.070678 0.058657 0.131327
-0.008334 -0.040430 0.103471 -0.069276
0.043613 -0.198586 0.075796 0.000450
-0.052585 -0.409559 -0.015712 0.042079
135.698502 88.094154 137.084427 -0.031394 0.174346 -0.055270 -0.042046
134.891006 89.809708 132.525101 0.035809 0.306469 0.058821 -0.067421
139.649506 87.303024 146.01683 -0.087957 -0.379058 -0.097131 -0.130169
114.966499 90.741379 150.587677 0.000053 -0.062745 -0.055883 0.042601
114.039001 87.283539 126.610191 -0.083920 -0.055091 -0.080080 -0.163172
109.372498 84.251404 120.105881 0.091116 0.074539 0.188634 0.092346
116.639999 86.160431 130.448944 -0.042440 -0.373626 -0.032552 -0.005915
109.150002 73.795845 130.942886 -0.093396 -0.235746 -0.119756 -0.101458
96.150002 64.933678 128.685455 0.079863 -0.044476 0.109552 0.201240
94.660004 67.317101 141.21666 0.053753 0.085586 -0.034629 0.050222
101.449997 65.278389 151.227737 -0.058971 -0.437068 -0.120816 -0.124967
88.730003 61.755379 140.680878 0.061753 0.314496 0.110521 0.077519
99.870003 65.22757 143.28273 -0.026112 0.334579 0.021623 -0.033258
90.300003 58.769299 141.54985 0.035052 -0.298319 0.120357 -0.166181
104 59.32 146.848114 0.014642 0.097804 0.028987 0.030416
108.220001 62.490002 150.970001
AVERAGE 0.00881634 0.100095 0.027195 0.006667
Standard Deviation0.05374344 0.770734 0.092848 0.095206
BP CL DIS GM GOOG TSN WMT
0.009455 0.027262 0.053685 -0.077283 0.028258 0.024813 0.044216
-0.012484 0.033946 0.083484 -0.029422 0.091077 -0.162673 0.041798
-0.049013 -0.002570 -0.005632 -0.049064 0.000764 0.089506 0.074302
0.090115 0.008131 0.043921 -0.066019 -0.020292 -0.047691 -0.014652
-0.059219 -0.110530 -0.018043 0.098553 -0.097782 0.006551 0.067831
-0.069633 0.073763 0.005748 0.037168 0.016401 -0.016188 -0.026227
-0.046623 -0.062972 -0.050567 -0.118577 -0.053745 -0.088148 -0.046083
0.084388 0.086693 0.024943 0.178783 0.077983 0.159551 0.034385
0.037208 0.025274 0.011836 0.011789 0.003180 -0.004199 0.032975
0.040089 0.040534 -0.016040 -0.060284 0.047673 0.132905 -0.014749
0.000229 0.062008 0.233631 0.060284 0.012929 0.080369 0.060118
-0.068831 -0.037555 -0.035993 -0.144031 -0.071394 0.011732 -0.013613
0.039183 0.029445 0.057558 0.155669 -0.020587 0.069164 0.095002
-0.047003 0.000977 0.024134 0.058196 0.125607 -0.015358 -0.000995
-0.070206 0.039594 -0.034263 -0.080565 -0.023490 0.170315 0.035151
0.045266 -0.008631 -0.050561 0.010515 0.026008 -0.070313 0.043796
-0.002106 -0.066794 -0.003069 0.001413 0.033724 -0.038890 -0.011965
-0.012926 -0.005107 0.166718 -0.031216 0.035592 0.085759 0.015606
0.024544 0.015040 -0.045850 0.016667 0.024568 0.017558 -0.002099
-0.042660 0.071761 -0.037968 -0.077918 0.072707 -0.092377 -0.032283
-0.133961 -0.078612 -0.149375 -0.086553 -0.066168 -0.179112 -0.059481
-0.207078 -0.017907 -0.178921 -0.318688 -0.131797 -0.141767 0.055163
-0.024190 0.058921 0.119565 0.085751 0.159828 0.074650 0.074528
-0.027731 0.035571 0.084605 0.161059 0.059511 -0.012060 0.020650
0.034877 0.012858 -0.049361 -0.022411 -0.010714 -0.021600 -0.030252
-0.054888 0.053781 0.048695 -0.016206 0.049059 0.029141 0.080314
-0.050363 0.032745 0.127672 0.190438 0.101972 0.021969 0.073029
-0.154817 -0.026621 -0.059073 -0.001350 -0.100711 -0.046601 0.011777
-0.113402 0.022554 -0.022808 0.166948 0.103028 -0.037828 -0.008291
0.263566 0.091551 0.220701 0.269621 0.086199 0.139262 0.101189
0.069975 -0.001518 0.224106 -0.050182 -0.005032 -0.004843 -0.056548
0.082846 -0.087826 -0.071807 0.217099 0.047869 -0.002018 -0.021828
0.098560 -0.030517 0.124101 0.012825 0.109558 0.052247 -0.075237
0.011048 0.048271 -0.023910 0.119423 0.015598 0.105175 0.045489
0.033265 0.023722 0.008129 -0.004177 0.165080 0.042396 0.034338
0.042528 0.044012 -0.039619 0.036526 0.000598 0.026469 0.015153
0.019232 -0.029005 -0.016121 -0.002361 0.039294 -0.066979 -0.003212
-0.084784 -0.022741 0.001422 -0.039378 0.079040 -0.031182 0.010850
0.011580 -0.014214 0.029997 -0.137755 0.075735 0.098796 0.038934
0.131572 -0.030404 -0.066906 0.075495 -0.083847 0.011104 -0.055416
0.053421 0.008071 -0.000591 0.032631 0.112595 0.013048 0.072033
-0.098298 -0.009395 -0.142959 0.063200 -0.039242 -0.012630 -0.058827
0.037881 0.137563 0.068944 0.013133 0.015637 0.110087 0.028870
0.161097 -0.033865 -0.076958 -0.100631 -0.062075 0.042795 -0.029837
-0.055304 -0.061637 0.038400 -0.113977 -0.005951 0.019474 -0.033259
0.016772 -0.014555 -0.076115 -0.063784 0.035277 -0.027911 0.101805
-0.023129 0.016088 -0.186133 -0.133288 -0.176750 0.039384 0.031304
0.127089 0.028841 -0.010660 0.020311 -0.008068 -0.038107 -0.159226
-0.114579 0.016876 -0.145237 -0.178904 -0.040920 -0.034739 -0.051373
0.036332 -0.017469 0.123941 0.141688 0.066447 0.022659 0.086116
0.049694 -0.000673 0.056362 0.053778 -0.064215 -0.143507 0.003786
-0.063306 -0.101777 -0.158369 -0.158250 -0.119102 -0.120090 -0.017240
0.165674 0.051103 0.129439 0.223122 -0.015497 0.036705 0.097379
0.078726 0.056215 -0.081378 0.033376 0.071730 -0.030285 0.070892
-0.016523 0.016908 -0.112292 -0.170612 -0.125382 -0.053969 -0.069742
0.037217 -0.054068 0.248734 0.171446 0.125549 0.056225 0.018495
0.093017 -0.010318 -0.081851 -0.014751 -0.095825 -0.099011 -0.012094
-0.032524 0.025239 0.005220 -0.053175 0.151716 0.009371 0.037430
0.061676 0.061876 0.023669 -0.097138 0.040577 0.053439 0.028069

0.005975 0.007117 0.005778 0.003711 0.014742 0.003602 0.013191

0.082523 0.0485 0.10 0.113773 0.07692 0.076102 0.052126
Date (M/D/ SP500 AMC APPL BAC BP CL DIS GM
5/1/2018 2,705.27 12.217362 44.536777 25.963455 34.562534 55.912434 96.735062 39.020149
6/1/2018 2,718.37 13.125408 44.287445 25.30648 34.889332 57.436745 101.928238 36.004536
7/1/2018 2,816.29 13.641843 45.526756 27.721321 34.453785 59.386467 110.43766 34.945221
8/1/2018 2,901.52 15.943382 54.46032 27.766212 32.765102 59.233856 109.815689 33.230682
9/1/2018 2,913.98 17.156919 54.197548 26.446575 35.717735 59.7155 114.638878 31.036816
10/1/2018 2,711.74 17.5588 52.545734 24.806396 33.602562 53.115128 112.570396 34.0956
11/1/2018 2,760.17 12.444318 42.874985 25.61824 31.262703 57.033066 113.217415 35.362881
12/1/2018 2,506.85 11.195328 38.003685 22.22653 29.805157 53.44157 107.492332 31.169657
1/1/2019 2,704.10 13.541105 40.099731 25.824913 32.320366 58.0746 110.173546 36.742252
2/1/2019 2,784.49 12.968035 41.716339 26.378239 33.522945 59.542374 111.477608 37.175392
3/1/2019 2,834.40 13.725967 45.960186 25.154444 34.866859 61.955879 109.689461 34.934326
4/1/2019 2,945.83 14.204454 48.553986 27.880497 34.874828 65.797623 135.316269 37.040318
5/1/2019 2,752.06 11.224892 42.359825 24.251839 32.47435 63.326561 130.445786 31.705374
6/1/2019 2,941.76 8.741922 48.073009 26.439974 33.74678 65.191223 137.954025 36.640915
7/1/2019 2,980.38 11.287916 51.745525 28.122814 32.160591 65.254898 141.28334 38.773266
8/1/2019 2,926.46 10.600908 50.701099 25.217035 29.902716 67.838608 136.442535 35.649494
9/1/2019 2,976.74 10.209696 54.607018 26.73867 31.256294 67.253067 129.543869 36.024349
10/1/2019 3,037.56 9.09192 60.651169 28.852556 31.190468 62.760994 129.146255 36.07526
11/1/2019 3,140.98 7.937237 65.159294 30.744074 30.787315 62.440502 150.677261 34.949123
12/1/2019 3,230.78 7.195854 71.810928 32.497192 31.542953 63.379593 143.768646 35.531612
1/1/2020 3,225.52 6.480244 75.689423 30.457335 30.197319 67.927757 138.309998 32.763077
2/1/2020 2,954.22 6.221829 66.849091 26.440271 26.152065 62.587837 117.650002 29.92734
3/1/2020 2,584.59 3.140732 62.333183 19.695686 20.73654 61.467064 96.599998 20.389841
4/1/2020 2,912.43 4.92 72.018127 22.454241 20.234921 65.088768 108.150002 22.1383
5/1/2020 3,044.31 5.13 77.935493 22.519594 19.67378 67.404037 117.300003 25.703865
6/1/2020 3,100.29 4.29 89.664169 22.174147 20.359934 68.270691 111.510002 25.127813
7/1/2020 3,271.12 4.04 104.470558 23.391171 19.242409 71.94236 116.940002 24.720604
8/1/2020 3,500.31 5.88 126.866928 24.199707 18.273308 74.29808 131.869995 29.428343
9/1/2020 3,363.00 4.71 114.065025 22.648447 15.444291 72.32016 124.080002 29.388617
10/1/2020 3,269.96 2.36 107.219749 22.436998 13.692878 73.951233 121.25 34.294998
11/1/2020 3,621.63 4.27 117.256203 26.659319 17.301855 80.721527 148.009995 43.541634
12/1/2020 3,756.07 2.12 130.916153 28.694742 18.512554 80.598999 181.179993 41.356606
1/1/2021 3,714.24 13.26 130.195923 28.244865 20.046242 73.520302 168.169998 50.335087
2/1/2021 3,811.15 8.01 119.638954 33.065075 22.021999 71.276703 189.039993 50.980659
3/1/2021 3,972.89 10.21 120.697151 36.856449 22.265306 74.717323 184.520004 57.068939
4/1/2021 4,181.17 10.03 129.896423 38.801022 23.00596 76.489746 186.020004 56.830578
5/1/2021 4,204.11 26.120001 123.127876 40.581673 23.984352 79.856186 178.649994 58.906353
6/1/2021 4,297.50 56.68 135.560883 39.471161 24.445629 77.539993 175.770004 58.7673
7/1/2021 4,395.26 37.02 144.369934 36.878181 22.373026 75.776634 176.020004 56.453163
8/1/2021 4,522.68 47.130001 150.278961 40.13723 22.632095 74.699547 181.300003 48.676449
9/1/2021 4,307.54 38.060001 140.264313 40.810188 25.609835 72.428391 169.169998 52.351265
10/1/2021 4,605.38 35.369999 148.491837 46.169682 26.977942 73.012947 169.070007 54.059563
11/1/2021 4,567.00 33.939999 163.856491 42.971241 24.326059 72.326965 144.899994 57.476147
12/1/2021 4,766.18 27.200001 176.27623 42.990566 25.247549 82.276512 154.889999 58.230976
 1/1/2022 4,515.55 16.059999 173.506546 44.799549 29.314844 79.490242 142.970001 52.371132
2/1/2022 4,373.79 18.860001 163.916916 42.915913 27.693615 74.590675 148.460007 46.402035
3/1/2022 4,530.41 24.639999 173.55864 40.022488 28.158106 73.505035 137.160004 43.442318
4/1/2022 4,131.93 15.3 156.700745 34.81282 27.50683 74.687614 111.629997 37.651993
5/1/2022 4,132.15 14.34 147.943787 36.295876 31.002649 76.84169 110.440002 38.416756
6/1/2022 3,785.38 13.55 136.096451 30.373404 27.450401 78.138466 94.400002 31.54385
7/1/2022 4,130.29 14.56 161.768829 33.178272 28.447716 76.77343 106.099998 36.013222
8/1/2022 3,955.00 9.12 156.502945 32.98201 29.861389 76.721764 112.080002 37.949951
9/1/2022 3,585.62 6.97 137.760773 29.635723 27.970985 68.913239 94.330002 31.94437
10/1/2022 3,871.98 6.66 152.852676 35.599628 32.605057 72.434921 106.540001 39.071877
11/1/2022 4,080.11 7.23 147.55954 37.387508 35.171925 76.506821 97.870003 40.375935
12/1/2022 3,839.50 4.07 129.731918 32.715309 34.590782 77.800369 86.879997 33.487335
1/1/2023 4,076.60 5.35 144.070023 35.251366 35.878159 73.593872 108.489998 39.228603
2/1/2023 3,970.15 7.14 147.185272 34.078968 39.215431 72.834541 99.610001 38.649956
3/1/2023 4,109.31 5.01 164.899994 28.415701 37.939999 74.672798 100.129997 36.594742
4/1/2023 4,169.48 5.5 169.679993 29.280001 40.279999 79.293266 102.5 33.040001
GOOG TSN WMT 1-year Treasury Bill BAC GOOG
54.2495 60.059193 75.467278 2.20 12981.7275 13562.38
55.782501 61.54945 78.804115 2.25 12653.24 13945.63
60.862999 51.537045 82.097977 2.31 13860.6605 15215.75
60.9095 56.149902 88.198059 2.36 13883.106 15227.38
59.6735 53.47205 86.905762 2.47 13223.2875 14918.38
53.838501 53.822365 92.800652 2.56 12403.198 13459.63
54.7215 52.951065 90.366806 2.60 12809.12 13680.38
51.780499 48.283558 86.202438 2.57 11113.265 12945.12
55.818501 55.987228 89.166519 2.50 12912.4565 13954.63
55.995998 55.75214 92.106766 2.47 13189.1195 13999
58.665501 63.161877 90.748291 2.41 12577.222 14666.38
59.424 68.238106 96.203926 2.34 13940.2485 14856
55.181499 69.038666 94.894264 2.27 12125.9195 13795.37
54.045502 73.813675 103.909363 1.94 13219.987 13511.38
60.834 72.680046 103.805931 1.91 14061.407 15208.5
59.404999 85.058525 107.454834 1.73 12608.5175 14851.25
60.950001 79.077827 112.160973 1.75 13369.335 15237.5
63.005501 76.002464 110.818985 1.57 14426.278 15751.38
65.248001 82.520363 112.54847 1.53 15372.037 16312
66.850998 83.969276 112.312187 1.51 16248.596 16712.75
71.711502 76.212433 108.686447 1.49 15228.6675 17927.88
66.966499 62.561901 102.221672 1.37 13220.1355 16741.62
58.140499 53.692665 107.860565 0.32 9847.843 14535.12
67.432999 57.700829 115.899147 0.18 11227.1205 16858.25
71.445999 57.004974 118.292458 0.16 11259.797 17861.5
70.680496 55.773685 114.713837 0.18 11087.0735 17670.12
74.148003 57.398983 123.926949 0.15 11695.5855 18537
81.709 58.659985 132.977264 0.13 12099.8535 20427.25
73.480003 55.926392 134.543304 0.13 11324.2235 18370
81.050499 53.810814 133.42778 0.13 11218.499 20262.62
88.037003 61.304642 146.929214 0.12 13329.6595 22009.25
87.594002 61.007725 138.620651 0.10 14347.371 21898.5
91.787003 60.88464 135.594894 0.10 14122.4325 22946.75
101.843002 64.065674 125.393173 0.07 16532.5375 25460.75
103.431503 70.803787 131.097244 0.07 18428.2245 25857.88
120.505997 73.805565 135.598892 0.06 19400.511 30126.5
120.578003 75.759094 137.65358 0.05 20290.8365 30144.5
125.316002 70.684814 137.211426 0.07 19735.5805 31329
135.220993 68.480705 138.700119 0.07 18439.0905 33805.25
145.462006 75.246338 144.100235 0.07 20068.615 36365.5
133.265503 76.081909 136.114777 0.07 20405.094 33316.38
148.270493 77.074615 145.919556 0.10 23084.841 37067.62
142.451996 76.101173 137.33551 0.17 21485.6205 35613
144.679504 84.478889 141.300369 0.28 21495.283 36169.88
135.698502 88.094154 137.084427 0.53 22399.7745 33924.63
134.891006 89.809708 132.525101 0.97 21457.9565 33722.75
139.649506 87.303024 146.01683 1.28 20011.244 34912.38
114.966499 90.741379 150.587677 1.81 17406.41 28741.62
114.039001 87.283539 126.610191 1.97 18147.938 28509.75
109.372498 84.251404 120.105881 2.55 15186.702 27343.12
116.639999 86.160431 130.448944 2.91 16589.136 29160
109.150002 73.795845 130.942886 3.16 16491.005 27287.5
96.150002 64.933678 128.685455 3.73 14817.8615 24037.5
94.660004 67.317101 141.21666 4.23 17799.814 23665
101.449997 65.278389 151.227737 4.51 18693.754 25362.5
88.730003 61.755379 140.680878 4.47 16357.6545 22182.5
99.870003 65.22757 143.28273 4.49 17625.683 24967.5
90.300003 58.769299 141.54985 4.70 17039.484 22575
104 59.32 146.848114 4.47 14207.8505 26000
108.220001 62.490002 150.970001 4.48 14640.0005 27055
Asset 925225.491 1332560
Total Asset 2257785.13
Liabilities 370090.197 533023.9
Total Liabilitie 903114.05
Total Equity 1354671.08
Initial Margin 677335.538
677335.538
0.4000
Part 2:
Question 5 (20 points)
(i) Compare market orders, limit-buy order, stop-buy order, stop-loss order and limit-sell order.
(ii) You want to buy Vinamilk stocks. However, you believe that the price of this stock is too high given the firm's pr
As a result, you want to buy the stock when its price reduces by 5%. What type of trading order might you place now
too high given the firm's prospect.
order might you place now?