Problem $13-3$ Portfolio Expected Return $($LO$1)$

You own a portfolio that is $28\%$ invested in Stock X$,25\%$ in Stock Y$,$ and $47\%$ in Stock Z$.$ The expected returns on these three stocks are $10\%,16\%,$ and $12\%,$ respectively. What is the expected return on the portfolio? $($Do not round intermediate calculations. Round the final answer to $2$ decimal places.$)$

Portfolio expected return