Go to the linked spreadsheet and click on the Expected Return Tag Me tab. You have 4 Possible State outcomes. You are given the probability and return in both state 1 and 2. State 3 and 4 probability and returns are provided below. Use this information to compute the Expected Return for Tag Me.

• State 3 has a probability of 40% with a return of 15.00%
• State 4 has a probability of 20% with a return of 21.50%

Respond in percentage form without the percent sign and round to the second decimal place. Thus, 26.789% would be written as 26.79

states	Probability of	return in a
Outcome	a given state	given state
1	10%	-16.00%
2	30%	8.30%
3	40%	15.00%
4	20%	21.50%