Assume that an economy can have four states: Severe recession, Mild recession, Normal growth, Boom. Probability of each scenario, stock and bond annual returns in that scenario are provided below. Let's also assume that you are creating a portfolio with 65% stocks and 35% bonds. How much is the annual standard deviation of the portfolio returns? Enter your answer in the following format: 0.1234 Hint: Answer is between 0.1416 and 0.1693 An investor is trying to create a MINVAR (minimum variance) portfolio based on two stocks, X and Y. The annual return on stock X is 8.00%, and on stock Y is 3.00%. The standard deviation of annual return on stock X is 13.00%, and on stock Y is 10.00%. The correlation coefficient between the returns on X and Y is 0.65. How much is the annual standard deviation of the MINVAR portfolio? Enter your answer in the following format: 0.1234 Hint: Answer is between 0.0434 and 0.0524