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An investment fund increases in value by 20% during an economic upturn, decreases in value by 15% during a recession, and increases by 6% during
An investment fund increases in value by 20% during an economic upturn, decreases in value by 15% during a recession, and increases by 6% during times when it's neither upturn nor recession. The probability of an upturn is 25%, of a recession is 20%, and of neither is 55%. What is the expected return on this fund (as a percentage)? In other words, let X denote the random variable that is the return (in percentage) of this fund, what is the expected value of X? Answer the exact number and the % sign; do not round the number.
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