You are analyzing the past performance of a security with a historical volatility (i.e., standard deviation) of 43% per annum. Over the same period of time, the market's historical volatility has been 16% per annum. If the security has a beta of 1.33, then what amount of the securities historical variance is attributed to diversifiable risk? 23.02% 18.49% 13.96% 21.72% 37.36%