An investor is trying to decide whether to invest in a given stock, but is worried about the

volatility of the investment. If the investor is very certain that the volatility (as measured by

the standard deviation) is greater than 15% then the investor will choose a different

investment option. In a sample of the previous 101 days reveals that the standard deviation

of the investment is 20%. When testing the hypothesis (at the 1% level of significance) that

the standard deviation is higher than 15% (or variance is greater than 225), what is the

critical value? (please round your answer to 2 decimal places)