Calculate an estimated annual return for the entire portfolio:

$2,000,000 in a municipal bond fund that has an average maturity of 2 years and an annual return of 2%

500,000 shares of XOM stock that were purchased 10 years ago at $60 per share, now trading at $114.94 per share

$4,000,000 with Greene Asset Management - Large Cap Value Manager, 5-year average return is 7% annually

$3,000,000 with Elliott Asset Management - Mid Cap Growth Manager, 5-year average return is 9% annually

$8,000,000 with Beth Asset Management - Small Cap Value Manager, 5-year average return is 6% annually

$5,000,000 invested with a hedge fund - Pool Macro Advisors, returns 12% annually

$2,000,000 with a private equity fund - Reagan Private Equity Partners, which invests in illiquid private companies and returns 20% annually on average