Consider an economy with two types of$$ firms, S and I. S firms all move together. I firms move independently. For both types of$$ firms, there is a $39\%$ probability that the firm will have a $27\%$ return and a $61\%$ probability that the firm will have a $-18\%$ return. What is the volatility$($standard deviation$)$ of a portfolio that consists of an equal investment$$ in:

a$.22$ firms of type$$ S$?$

b$.22$ firms of type$$ I?

a$.$ What is the volatility$($standard deviation$)$ of a portfolio that consists of an equal investment in $22$ firms of type$$ S$?$

Standard deviation is $\_\_\_\_\%.($Round to two decimal$$ places.$)$

b$.$ What is the volatility$($standard deviation$)$ of a portfolio that consists of an equal investment in $22$ firms of type$$ I?

Standard deviation is $\_\_\_\%.($Round to two decimal$$ places.$)$