Ex-Ante Standard Deviation An analyst estimates a 19% probability of a recession next year, a 43% probability of normal economic growth and a 38% probability of a strong recovery. If a recession occurs a stock is projected to have a -15.4% return. With normal growth the stock will generate a 10.4% return and if the strong recovery occurs the stock will have a 25.4% rate of return. This stock's standard deviation is

Multiple Choice 11.20% 11.76% 11.49% 14.54%