Question 4 (10 marks) You have been looking at the stock market once every 3 years for the past 24 years and recorded each 3-year holding period return. From this you have calculated that the 3-year standard deviation has been 40.02%. Over the same time period it had a 3-year average return of 45.6% and a payout ratio of 76%. Assuming the stock is expected to behave similarly going forward, what is the expected monthly standard deviation? A) 6.2% B) 6.67% C) 6.5% D) 8.3% E) 8.6%