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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 -0.07 Normal 0.35 0.13 Boom

Consider the following information: State of Economy Probability of State of Economy Rate of Return if State Occurs Recession 0.11 -0.07 Normal 0.35 0.13 Boom 0.54 0.28 Required: Calculate the expected return.

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