A portfolio is expected to return 14.5 percent in a booming economy, 11 percent in a normal economy, and lose 3 percent if the economy falls into a recession. The probability of a boom is 33 percent while the probability of a recession is 8 percent. What is the overall portfolio expected return? Multiple Choice 11.52% 11.04% 7.45% 3.23% 7.50%

please explain calculation