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Consider the following information: State of Economy Recession Normal Boom Probability of State of Rate of Return of State Economy Occurs .11 -05 .55 11

Consider the following information: State of Economy Recession Normal Boom Probability of State of Rate of Return of State Economy Occurs .11 -05 .55 11 34 33 Calculate the expected return 16.72 15.88% 17.56% 2.00%

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