Use the following information on states of the economy and stock returns to calculate the standard deviation of returns. Assuming that all three states are equally likely. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)

State of Economy	Security Return If State Occurs
Recession	5	%
Normal	12
Boom	16

Standard deviation

%

Use the following information on states of the economy and stock returns to calculate the standard deviation of returns. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)

State of Economy	Probability of State of Economy		Security Return If State Occurs
Recession	.35		8	%
Normal	.50		14
Boom	.15		24

Standard deviation

%