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Consider the following information: State of Economy Probability of State of Economy Rate of Return if State Occurs Recession 0.11 -0.03 Normal 0.55 0.15 Boom

Consider the following information:

State of Economy	Probability of State of Economy	Rate of Return if State Occurs
Recession	0.11	-0.03
Normal	0.55	0.15
Boom	0.34	0.30

Required:

Calculate the expected return.

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