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A portfolio is expected to return 5 percent in a normal economy, lose 10 percent in a booming economy, and return 20 percent in a

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A portfolio is expected to return 5 percent in a normal economy, lose 10 percent in a booming economy, and return 20 percent in a recessionary economy. The probability of a recession is 30 percent while the probability of a boom is 10 percent. What is the variance of the portfolio? (Hint: do not list variance as a whole percent, list as a decimal)

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