Given the following estimates for two stocks: Cedar Woods Properties Ltd (CWP) and Genesis Energy Ltd (GNE):

	Expected Return	Variance of Returns
CWP	0.12	0.026
GNE	0.21	0.040

Consider a portfolio C in which an investor borrows 100% of her wealth and invests both her own funds and the borrowed funds in a portfolio P, comprised of 20% in CWP and 80% in GNE. If the risk-free rate is 0.03 and the correlation between CWP and GNE is 0.24, what is the standard deviation of C? Enter your answer in raw decimal form.

The answer is 34.12% but I do not understand why. Please provide step-by-step manual solutions.