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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 0.45 0.16 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 0.45 0.16
Boom 0.34 0.34

Required:
Calculate the expected return.

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