What is the variance of portfolio returns?

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
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Chapter1: Making Economics Decisions
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Q5 - Summary statistics for returns on two stocks X and Y are listed below.

Mean    Variance
Stock X    2.85%    0.005000
Stock Y    5.91%    0.006000

The covariance of returns on stocks X and Y is 0.002800. Consider a portfolio of 30% stock X and 70% stock Y.

What is the variance of portfolio returns?
Please round your answer to six decimal places. 
Note that the correct answer will be evaluated based on the full-precision result you would obtain using Excel.

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