Exhibit 3A -Refer to Exhibit 3A

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