You are provided with historical data on the risk characteristics of TAMC and Kaisa.

	TAMC	Kaisa
Beta	0.78	1.01
Annual standard deviation of return (%)	21	26

The correlation coefficient of TAMC's return versus Kaisa's return is 0.37. Assume the standard deviation of returns on the market was 15 percent.

(a) What is the standard deviation of a portfolio invested half in TAMC and half in Kaisa?

(b) What is the standard deviation of a portfolio invested one-third in TAMC, one-third in Kaisa, and one-third in Treasury bills?

Please input your response in percent rounded to two decimal points (but without the percent sign).