12. Economists think the economy next year will be in a boom state, an average state or a bust state. In a boom state, the economy will grow by 9.5%; in the average state, the economy will grow by 4.0%; and in a bust state the economy will decrease by 1.0%. Listed below are three different economists views of the probability for the three states, listed in order for boom, average and bust. What is each economists expected return:

d. Economist 1: 25%; 65%; 10%

e. Economist 2: 20%; 50%; 30%

f. Economist 3: 15%; 70%; 15%