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Rate of Return if State Occurs State of Probability of Economy State of Economy Stock 1 Stock 2 Recession 0.25 0.11 -0.4 Normal 0.5 0.29

Rate of Return if State Occurs State of Probability of Economy State of Economy Stock 1 Stock 2 Recession 0.25 0.11 -0.4 Normal 0.5 0.29 0 .10 Boom 0.25 0.13 0.56

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