George has projections for the 3 alternative investments in equity shares (stock):

1. What is the portfolio expected return with equal amounts invested in each of the 3 stocks?

\begin{tabular}{l|c|c|c|c|} State of & Probability of & \multicolumn{2}{|c|}{ Rate of Return if State of Economy occurs } \\ \cline { 3 - 5 } Economy & State Economy & Stock Ice Bear & Stock Grizzly & Stock Panda \\ \hline Boom & 40.00% & 10.00% & 15.00% & 20.00% \\ \hline Recession & 60.00% & 8.00% & 4.00% & 0.00% \end{tabular}