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Consider the following information: State of Economy Probability of State of Economy Rate of Return if State Occurs Recession .18 .11 Normal .47 .13 Boom

Consider the following information:

State of Economy	Probability of State of Economy	Rate of Return if State Occurs
Recession	.18	.11
Normal	.47	.13
Boom	.35	.32

Required:

Calculate the expected return. (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).)

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