An investor has a retirement portfolio comprised of 3 assets: cash, bonds and stocks. The investor will invest $21,929 in the retirement portfolio and wants to estimate the value of the investment in 13 years.

The asset allocation (weights) of the retirement portfolio is as follows:

Cash: 10%, Bonds: 13%, and the rest is Stocks.

The expected returns of the assets in the retirement portfolio:

Asset Expected Return (E(R)) Cash 3% Bond 5% Stock 10% Assume that the returns follow a normal distribution and that the estimated standard deviation () of returns of the portfolio is 19% per year.

Use the expected CAGR to estimate the portfolio in 13 years. Round the answer to 2 decimal places.