Ex-Ante Standard Deviation An analyst estimates a 22% probability of a recession next year, a 46% probability of normal economic growth and a 32% probability of a strong recovery. If a recession occurs a stock is projected to have a -15.7% return. With normal growth the stock will generate a 10.7% return and if the strong recovery occurs the stock will have a 25.7% rate of return. This stock's standard deviation is _______. 11.93%
11.93%
12.20%
14.98%
9.69%