An investor has a retirement portfolio comprised of 3 assets: cash, bonds and stocks. The investor will invest $13,859 in the retirement portfolio and wants to estimate the value of the investment in 12 years.

The asset allocation (weights) of the retirement portfolio is as follows: Cash: 12%, Bonds: 15%, 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 () of returns of the portfolio is 18% per year.

Calculate the expected CAGR (geometric mean)