A pension fund manager is considering three mutual funds. The first is a stock fund, the second is a long-term government and corporate bond fund, and the third bill money market fund that yields a sure rate of 5.5%. The probability distributions of the risky funds are: Stock Fund (S): Expected return -12% and standard deviation - 32% Bond Fund (B): Expected return = 8% and standard deviation - 23% The correlation between the fund returns is 15. Which of the following is closest to the standard deviation for the minimum-variance portfolio? 14-47% 19.94% 23-54% 12.45%