Question 9 An analyst has estimated UAL's stock returns under the following economic states: Economic State Recession Probability Return 0.20 -15% -5% Below Average Above Average 0.30 0.30 +15% Boom 0.20 +40% What is UAL's expected return? (Expected return) BIVA-A- IE * 3 1 1 x , ! .? V GT 12pt Paragraph