b) Fredrick has purchased 1,000 Apple shares at the price of $22.50 per share. The expected return for the shares is 12% p.a effective. He also purchased 30 Pear bonds at the price of $825 per bond. The expected return for the bonds is 6% p.a. effective. Fredrick deposits the remaining cash of $15,000 into a savings account earning interest at 3% p.a. effective. Calculate the expected return of Fredrick's portfolio. Round your answer to the nearest 0.01%