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Consider the following information: State of Economy Probability of State of Economy Rate of Return if State Occurs Recession .21 .13 Normal .49 .15 Boom

Consider the following information:

State of Economy Probability of State of Economy Rate of Return if State Occurs

Recession .21 .13

Normal .49 .15

Boom .30 .34

Required:

Calculate the expected return. (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).)

Expected return:

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