George has an expected return of 15%, John has an expected return of 20%, and Paul has

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George has an expected return of 15%, John has an expected return of 20%, and Paul has an expected return of 25%. If 20% of Richard’s funds are invested with George, 35% with John, and 45% with Paul, what is Richard’s expected return?

a. 22.75%

b. 19.5%

c. 21.25%

d. 24.65%

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