The rates of return of portfolioMin Table 8.4 are−8% (♣), +14% (♦), 8% (♥), and 14% (♠). The deviations from the mean are −15%, 7%, 1%, and 7%.When squared, they are 225%%, 49%%, 1%%, and 49%%. The sum is 324%%; the average is 81%%. Thus, the standard deviation is indeed 9%.