Assume Deniz constructs a portfolio with weights of 0.60 in stocks and 0.40 in bonds. There is a 0.2 chance that a recession will occur, with stocks earning a -7% return and bonds earning a 19% return. There is a 0.5 chance that the economy will return to normal, in which case stocks will return 20% and bonds would return 7%. Finally, there is a 0.3 chance that a boom will occur, in which case equities will gain 23% and bonds will yield 6%. Rate of Return Scenario Probability Stocks Bonds Recession 0.2 -7% 19% Normal economy 0.5 20% 7% Boom 0.3 23% 6% a. Calculate the rate of return on Deniz's portfolio in each scenario? (Enter your answer as a percent rounded to 1 decimal place.) Rate of Return % Recession Normal economy % % Boom b. Calculate the expected rate of return and the standard deviation of Deniz's portfolio. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) % Expected return Standard deviation %