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Consider the following information: State of Economy Probability of State of Economy Portfolio Return if State Occurs Recession .10 .15 Normal .60 .09 Boom .30

Consider the following information:

State of Economy	Probability of State of Economy		Portfolio Return if State Occurs
Recession		.10		.15
Normal		.60		.09
Boom		.30		.23

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

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