Returns and actions. Ivan had $60,000 in investments at the beginning of the year that consisted of a diversified portfolio of stocks (70 percent), bonds (30 percent), and cash equivalents (0 percent). His returns over the past 12 months were 12.67 percent on stocks, 5.4 percent on bonds, and 3.05 percent on cash equivalents.

• What is Ivans average return for the year? (10 points)

Diversified portfolio	Percent of portfolio	Annual return	Average return
Stocks
Bonds
Cash equivalents
Total portfolio