Florida Company $($FC$)$ and Minnesota Company $($MC$)$ are both service companies. Their stock returns for the past three years were as follows: FC: $25$ percent, $64$ percent, $36$ percent; MC: $12$ percent, $21$ percent, $18$ percent. If FC and MC are combined into a portfolio with $50$ percent of the funds invested in each stock, calculate the expected return on the portfolio.

Multiple Choice

$22$ percent

$20$ percent

$21$ percent

$19$ percent