Arbor Systems and Gencore stocks both have a volatility of

44%.

Compute the volatility of a portfolio with

50%

invested in each stock if the correlation between the stocks is

(a)

+1.00,

(b)

0.50,

(c)

0.00,

(d)

0.50,

and

(e)

1.00.

In which of the cases is the volatility lower than that of the original stocks?

If the correlation is

+1.00,

the volatility of the portfolio is

enter your response here%.

(Round to one decimal place.)