Exhibit 3A -Refer to Exhibit 3A

Multiple Choice

Exhibit 3A.1
$$\begin{array} { c c c } \text { Year } & \begin{array} { c } \text { Alpine's } \\\text { Rate of Return }\end{array} & \begin{array} { c } \text { Tauber's } \\\text { Rate of Return }\end{array} \\\hline 1995 & 5 & 9 \\1996 & 9 & 16 \\1997 & 11 & - 16 \\1998 & - 10 & 12 \\1999 & 12 & 9\end{array}$$
-Refer to Exhibit 3A.1.Calculate the covariance.

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