Consider the following information:

State of Economy Probability of State of Economy

Rate of Return if State occurs

Boom

$\mathrm{.}74$

Bust

$\mathrm{.}26$

$\mathrm{.}12$

$\mathrm{.}06$

$\mathrm{.}32$

a$.$

What is the expected return on an equally weighted portfolio of these three stocks?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

b$.$ What is the variance of a portfolio invested $29$ percent each in A and $B$ and $42$ percent in $C?$

Note: Do not round intermediate calculations and round your answer to $5$ decimal places, e$.$g$.,\mathrm{.}16161.$