An investor owns a portfolio of $ 49,500 that contains $ 12,375 in stock A, with an expected return of 12.5 percent; $ 16,500 in bonds, with an expected return of 8.5 percent; and the rest in stock B, with an expected return of 20.5 percent.

Calculate the expected return of the portfolio. (Round intermediate calculations and the final answer to 2 decimal places, e.g. 15.25%.)