Problem $13-9$ Value$-$at$-$Risk $($VaR$)$ Statistic $($LO$4,$ CFA$6)$

Your portfolio allocates equal funds to DW Co$.$ and Woodpecker, Inc. DW Co$.$ stock has an annual return mean and standard deviation

of $15$ percent and $44$ percent, respectively. Woodpecker, Inc., stock has an annual return mean and standard deviation of $11\mathrm{.}4$ percent

and $58$ percent, respectively. The return correlation between DW Co$.$ and Woodpecker, Inc., is zero. What is the smallest expected loss

for your portfolio in the coming month with a probability of $16$ percent? $($A negative value should be indicated by a minus sign. Do not

round intermediate calculations. Round the $z-$score value to $3$ decimal places when calculating your answer. Enter your answer as

a percent rounded to $2$ decimal places.$)$