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Construct an efficient portfolio. Assume the risk free rate over the period is 6.4%. Calculate the Efficient Frontier and Capital Allocation Line (CAL) for three asset classes: Australian Shares, Australian Bonds and the Australian Cash Rate using the Excel Solver Tool (see prescribed Textbook Chapter 7, Appendix A for guidance). You will also need to calculate and provide ‘Bordered Covariance’ and ‘Correlation Matrices’. Repeat the above steps with all four asset classes i.e. include International Shares and add the new efficient frontier and CAL to the previous graph. Discuss the implications of the addition of international shares on the efficient frontier and CAL compared with the first three assets efficient frontier and CAL.