A credit risk analyst is running scenarios on the impact of correlation on the standard deviation of percentage loss for middle market loan portfolios. The analyst is using a binomial distribution to analyze a portfolio of 7 loans. The principal amount of each loan is USD 125,000. The analyst assumes that each loan has a recovery rate of 55%, a default probability of 6%, and a default correlation of 0.35 with all other loans in the portfolio. Which of the following is closest to the ratio of the portfolio standard deviation of losses to the size of the portfolio position?