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Consider the following information: State of Economy Probability of State of Economy Rate of Return if State Occurs Recession 0.21 -0.02 Normal 0.65 0.12 Boom

Consider the following information:

State of Economy Probability of State of Economy Rate of Return if State Occurs
Recession 0.21 -0.02
Normal 0.65 0.12
Boom 0.14 0.27
Required:
Calculate the expected return.

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