Market Weights:

S&P 500: 40%

Foreign Stocks: 20%

Emerging Market Stocks: 10%

US Bonds: 30%

*The Black-Litterman Model* - Using the market weights listed above, and a coefficient of risk aversion of 4.0, calculate the implied equilibrium expected returns (not excess returns) for the risky asset classes.

Enter each number with one decimal place and a percentage sign (for example, 5.7% or 8.0%)

S&P 500: ?

Foreign Stocks: ?

Emerging Market Stocks: ?

US Bonds: ?