You are a portfolio manager. John Smith, one of your clients, by providing you the following formation requested you to calculate standard deviation of Shah Corporation stock and High Fly Corporation.

Shah Corporation Stock

State of Economy	Probability of State of Economy	Rate of Return if State Occurs
Boom	5%	13%
Good	25%	8%
Poor	50%	2%
Bust	20%	-6%

High Fly Corporation Stock

State of Economy	Probability of State of Economy	Rate of Return if State Occurs
Boom	5%	40%
Good	25%	25%
Poor	50%	-5%
Bust	20%	-28%

Based on the given information, what is the standard deviation of the returns on i) Shah Corporation and ii) High Fly Corporation? Which stock has higher standard deviation? Why? Please provide your reasoning. Please show all the calculations by which you came up with the final answer. (8 Points)