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6. Consider the following information: State of Economy Probability of State of Economy Rate of Return if State Occurs Recession 0.11 -0.04 Normal 0.55 0.14

6. Consider the following information: State of Economy Probability of State of Economy Rate of Return if State Occurs Recession 0.11 -0.04 Normal 0.55 0.14 Boom 0.34 0.32 Required: Calculate the expected return.

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