Consider the following information: State of Economy Boom Bust Probability of state of Economy 8.60 8.40 Rate of Return if State occurs Stock A Stock B Stock C 0.08 0.16 8.34 8.18 0.09 -0.06 a. What is the expected return on an equally weighted portfolio of these three stocks? (Do not round Intermediate calculations. Round the final answer to 2 decimal places.) Expected return 14.401% b. What is the variance of a portfolio invested 15% each in A and B and 70% in C? (Do not round Intermediate calculations. Round the final answer to 6 decimal places.) Variance 0.016216