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Economic Condition Probability Return Stock Fund Bond Fund Recession 1 / 3 -0 . 0 400 0. 07 Normal 1 / 3 0. 0800 0.

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Economic Condition Probability Return Stock Fund Bond Fund Recession 1 / 3 -0 . 0 400 0. 07 Normal 1 / 3 0. 0800 0. 04 Boom 1 / 3 0 . 1 400 - 0. 02

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