State of Economy Boom Growth Stagnant Recession Probability of State 0.27 0.36 0.21 0.16 Return on Asset J in State 0.065 0.065 0.065 0.065 Return on Asset K in State 0.190 0.100 0.025 -0.150 Return on Asset L in State 0.280 0.200 0.050 -0.180 a. What is the expected return of each asset? b. What is the variance and the standard deviation of each asset? c. What is the expected return of a portfolio with 8% in asset J, 50% in asset K, and 42% in asset L? d. What is the portfolio's variance and standard deviation using the same asset weights from part (c)