An investor owns a portfolio of $47,700 that contains $11,925 in stock A, with an expected return of 12.3 percent; $15,900 in bonds, with an expected return of 8.3 percent; and the rest in stock B, with an expected return of 20.3 percent. Calculate the expected return of the portfolio. (Round intermediate calculations and the final answer to 2 decimal ploces, eg. 15.25\%.)