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Consider the following information:State of EconomyProbability of State of EconomyRate of Return if State OccursRecession . 1 9 . 0 9 Normal . 4 5

Consider the following information:State of EconomyProbability of State of EconomyRate of Return if State OccursRecession.19.09Normal.45.11Boom.36.30Calculate the expected return.Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.,32.16.

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