A risk analyst at a financial institution is evaluating the potential distribution of credit losses associated with a portfolio of 30 identical loans. The analyst assumes that the credit losses follow a binomial distribution. The details for each individual loan are specified as follows:

• Each loan has an amount of SGD 500,000.
• The probability of default for each loan is 4%.
• The recovery rate if a loan defaults is 30%.
• The default correlation between any two loans is 0.4.

Using this information, calculate the standard deviation of the total losses for the entire loan portfolio, expressed as a percentage of the portfolio's aggregate amount.