Assume that you manage a risky portfolio with an expected rate of return of 20% and a standard deviation of 46%. The T-bill rate is 5%.

Your client decides to invest in your risky portfolio a proportion (y) of his total investment budget with the remainder in a T-bill money market fund so that his overall portfolio will have an expected rate of return of 14%.

What is the standard deviation of the rate of return on your client's portfolio? (Enter your answer as a

decimal number rounded to four decimal places.)

Standard deviation?