Consider the following information

Required:

Calculate the expected return.

multiple choice :

a) 12.91%

b) 11.79%

c) 12.41%

d) 13.03%

e) 2.33%

State of Economy Recession Normal Boom Probability of State of Rate of Return if State Economy Occurs 0.21 -0.02 0.65 0.15 0.14 0.22