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Consider the following information: State of Economy Probability of State of Economy Rate of Return if State Occurs Recession .11 .05 Normal .45 .16 Boom

Consider the following information:

State of Economy	Probability of State of Economy	Rate of Return if State Occurs
Recession	.11	.05
Normal	.45	.16
Boom	.44	.23

Calculate the expected return.

Multiple Choice

16.77%
17.44%
15.93%
17.61%
2.27%

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