Consider the following information State of Economy Probability of State of Economy Rate of Return if State of Economy Probability of State of Economy Rate of Return if State Occurs Recession 23 11 Normal 47 13 Boom 30 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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Consider the following information: State of Economy Probability of State of Economy Rate of Return if State of Economy Probability of State of Economy Rate

Consider the following information: State of Economy Probability of State of Economy Rate of Return if

State of Economy	Probability of State of Economy	Rate of Return if State Occurs
Recession	.23	.11
Normal	.47	.13
Boom	.30	.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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