Q11. Consider a portfolio that consists of an equal investment in 20 firms. For each of these firms there is a 70% probability that the firms will have a 16% return and a 30% that they will have a-8% return. Each of these firms' returns is independent of all others. The standard deviation of this portfolio is closest to: A)25% B) 4.2% C) 8.8% D) 11.0% Q12. Consider an economy with two types of firms, S and I. S firms always move together, but I firms move independently of each other. For both types of firm there is a 70% probability that the firm will have a 20% return and a 30% probability that the firm will have a-30% return. The standard deviation for the return on an individual firm is closest to: A)230% B) 5.25% C) 15.0% D) 10.0%