The representative investors assessment of the probability distribution for the holding-period return for Walmart:

State of the Economy	Probability	HPR
Boom	0.40	30%
Normal Growth	0.40	11%
Recession	0.20	-10%

However, after the FED announcement the investor reassesses that each state is equally probable. What is the expected standard deviation for Walmart stock closest to?

	A.	13.79%
	B.	14.87%
	C.	16.51%
	D.	18.13%
	E.	15.25%