William has determined that for Eiosal Co Ltd, expected return is 12.2%, and the standard deviation is 19.7. She has also observed that the risk-free rate is 1.4%. Determine the standard deviation of a portfolio that consists of investing 37% in the risk-free asset and the remainder in Eiosal Co LtD.

Select one:

a. 8.2

b. 12.4

c. 7.7

d. 53.1

e. Cannot be determined without knowing the covariance between the returns on the risk-free asset and the risky asset