On the basis of how long he has until retirement and his comfort with investment risk, Matt has decided that he wants to allocate the money in his retirement account as follows: 75% to equities, 15% to fixed income, and 10% to cash. If Matt assumes that each asset class provides the high end of the rates of return shown in the table below, what overall rate of return would he expect to earn over the long term?

Asset Class	Degree of Risk	Historical Average Rate of Return
Equities	High	8%-12%
Fixed Income	Moderate	4%-7%
Cash	Minimal	2%-5%