A project's expected return is 18%, which represents a 33% return in a boom, a 15% return in a normal, and a 4% return in a stagnant economy. What is the probability of a boom if these are the only three economic states and the probability of a stagnant economy is 15%?

Multiple Choice

• 20.67%

• 31.00%

• 15.50%

• 25.83%