3. Statisticalmeasures of standalone risk Suppose Kyoko owns a two-stock portfolio that invests in Happy Dog Soap Company (HDS) and Black Sheep Broadcasting (BSB). Three-quarters of Kyoko's portfolio value consists of Happy Dog Soap's shares, and the remaining balance consists of Black Sheep Broadcasting's shares. Each stock's expected return for the next year will depend on forecasted market conditions. The expected returns from the stocks in different market conditions are detailed in the following table: Probability of Occurrence Market Condition Expected Returns HDS BSB 50% 70% 30% 40% 25% Strong Normal 45% Weak 30% -40% -50% Calculate the expected returns for the individual stocks in Kyoko's portfolio as well as the expected rate of return of the entire portfolio over the three possible market conditions next year. The expected rate of return on Happy Dog Soap's stock over the next year is The expected rate of return on Black Sheep Broadcasting's stock over the next year is . The expected rate of return on Kyoko's portfolio over the next year is