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Assume that you manage a fund with an expected rate of return of 24% and a standard deviation of 39%. The T-bill rate is 3%.

Assume that you manage a fund with an expected rate of return of 24% and a standard deviation of 39%. The T-bill rate is 3%. Suppose your client would like to split her investment between your fund and T-bills so that she earns 12%. How much standard deviation does she need to take? (Provide your answer in percent rounded to two digits, omitting the % sign.)

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