Consider the following information:

		Rate of Return if State Occurs
State of Economy	Probability of State of Economy	Stock A	Stock B	Stock C
Boom	.20	.19	.46	.32
Good	.40	.12	.19	.14
Poor	.10	.04	.09	.05
Bust	.30	.04	.30	.09

a. Your portfolio is invested 20 percent each in Stocks A and C and 60 percent in Stock B. What is the expected return of the portfolio? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

b-1. What is the variance of this portfolio? (Do not round intermediate calculations. Round your answer to 5 decimal places.)