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	.45		5	%
Normal	.40		12
Boom	.15		16

Standard deviation

%