An investor has a retirement portfolio comprised of 3 assets: cash, bonds and stocks. The investor will invest $24,501 in the retirement portfolio and wants to estimate the value of the investment in 11 years. The asset allocation (weights) of the retirement portfolio is as follows: Cash: 7%, Bonds: 15%, and the rest is Stocks. The expected returns of the assets in the retirement portfolio: Asset Expected Return (E(R)) 3% Cash Bond 4% Stock 11% Assume that the returns follow a normal distribution and that the estimated standard deviation () of returns of the portfolio is 25% per year. Use the expected CAGR to estimate the portfolio in 11 years. Round the answer to 2 decimal places