American Manufacturer. is a U.S.-based exporting firm that expects to receive payments denominated in both Mexican pesos and Canadian dollars in one month. Based on today's spot rates, the dollar value of the funds to be received is estimated at $600,000 for the pesos and $400,000 for the Canadian dollars. American Manufacturer estimates the standard deviation of monthly percentage changes to be 12 percent for the peso and 4 percent for the Canadian dollar. The correlation coefficient between the peso and the Canadian dollar is -0.10. Based on this information, the standard deviation of this two-currency portfolio is approximately: