Assume that an economy can have four states: Severe recession, Mild recession, Normal growth, Boom. Probability of each scenario, stock and bond annual returns in that scenario are provided below. Lets also assume that you are creating a portfolio with 65% stocks and 35% bonds.

Economy State	Probability	Stock Return (%)	Bond Return (%)
Severe recession	0.20	-37	-9
Mild recession	0.30	-11	15
Normal growth	0.40	14	8
Boom	0.10	30	-5

How much is the expected annual return on Stocks?

Enter your answer in the following format: + or - 0.1234

Hint: Answer is between -0.0189 and -0.0231