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4. Suppose your expectations regarding the stock market are as follows: State of the Economy Boom Normal economy Recession Probability 0.3 0.4 0.3 HPR 44%

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4. Suppose your expectations regarding the stock market are as follows: State of the Economy Boom Normal economy Recession Probability 0.3 0.4 0.3 HPR 44% 14% -16% Compute the mean and standard deviation of the HPR on stocks

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