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 53% probability that the firm will have a 22% return and a 47% probability that the firm will have a 16% return. What is the volatility (standard deviation) of a portfolio that consists of an equal investment in:

a. 29 firms of type S?

b. 29 firms of type I?