Problem 11-5 Calculating Expected Return [LO 1]

Consider the following information:

State of Economy	Probability of State of Economy	Rate of Return if State Occurs
Recession	.43	.12
Boom	.57	.24

Required:

Calculate the expected return. (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).)

Expected return

%