An investor holds a portfolio of two stocks described below.

Microsoft: 75% of portfolio; expected return = 12%; standard devation = 35% Intel: 25% of portfolio; expected return = 25%; standard deviation = 45% If the correlation between Microsoft and Intel is 0.60, what is the portfolio standard deviation? Choose the closest answer. Write your answer as a percent with one decimal place (e.g., write 15.5% instead of 0.155).