An investor has a retirement portfolio comprised of 3 assets: cash, bonds and stocks. The investor will invest $11,569 in the retirement portfolio and wants to estimate the value of the investment in 19 years.

The asset allocation (weights) of the retirement portfolio is as follows: Cash: 15%, Bonds: 15%, and the rest is Stocks.

The expected returns of the assets in the retirement portfolio:

Asset	Expected Return (E(R))
Cash	2%
Bond	6%
Stock	11%

Assume that the returns follow a normal distribution and that the estimated standard deviation () of returns of the portfolio is 24% per year.

Use the expected CAGR to estimate the portfolio in 19 years.

Round the answer to 2 decimal places.