A portfolio manager has decided to invest a total of $2 million on US and Japanese portfolios. The expected returns are 12 percent on the US portfolio and 20 percent on the Japanese portfolio. What is the expected return of an international portfolio with 40 percent invested in the US portfolio and 60 percent invested in the Japanese portfolio?

A 16.8%

B 20.8%

C 25.8%

d cannot tell

E none of the above