Consider the following information:

State of

Economy Probability of State

of Economy Rate of Return

if State Occurs

Recession $\mathrm{.}23\mathrm{.}11$

Normal $\mathrm{.}47\mathrm{.}13$

Boom $\mathrm{.}30\mathrm{.}32$

Calculate the expected return. $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$