Seneca Inc. is a Canada-based exporting firm that expects to receive payments denominated in both euros and British Pounds (GBP) in one month. Based on today's spot rates, the Canadian dollar value of the funds to be received is estimated at CAD 500,000 for the euros and CAD 300,000 for the British Pound. Based on data for the last fifty months, Seneca estimates the standard deviation of monthly percentage changes to be 8% (0.08) for the euro and 3% (0.03) for the British Pounds. What will be the approximate portfolio risk if the correlation coefficient between the two currencies.