Suppose you invest in a mutual fund at the price of $98/share. You predict that next year there may be 4 states of the economy and the corresponding prices of the fund in the below table. The T-bill rate is 4%. Calculate the standard deviation of excess returns? Express your answer in percent and round it to 2 decimal places. For example, if your answer is 0.25456, then please write down 25.46 (without the percent sign).

State of Economy Prob YE price Cash Div

Boom 0.15 121.50 4.00

Normal Growth 0.55 110.00 3.50

Mild Recession 0.20 87.95 3.00

Severe Recession 0.10 51.00 2.00