An investor has a retirement portfolio comprised of 3 assets: cash, bonds and stocks. The investor will invest $13,357 in the retirement portfolio and wants to estimate the value of the investment in 20 years. The asset allocation (weights) of the retirement portfolio is as follows: Cash: 9%, Bonds: 18%, and the rest is Stocks. The expected returns of the assets in the retirement portfolio: Asset Expected Return (E(R)) Cash 3% Bond 6% Stock 9% Assume that the returns follow a normal distribution and that the estimated standard deviation (o) of returns of the portfolio is 16% per year. Use the expected CAGR to estimate the portfolio in 20 years, Round the answer to 2 decimal places