Using the data in the following table, and the fact that the correlation of A and B is

0.48,

calculate the volatility (standard deviation) of a portfolio that is

50%

invested in stock A and

50%

invested in stock B. (Click on the following icon

in order to copy its contents into a spreadsheet.)

	Realized Returns
Year	Stock A		Stock B
2008	12%		12%
2009	19%		38%
2010	9%		4%
2011	2%		3%
2012	4%		14%
2013	7%		24%

The standard deviation of the portfolio is

%.

(Round to two decimal places.)