State of Economy	Probability of State of Economy	Rate of Return if State Occurs
		Stock A	Stock B	Stock C
Boom	.60	.15	.23	.42
Bust	.40	.18	.08	.09

a.	What is the expected return on an equally weighted portfolio of these three stocks? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
b.	What is the variance of a portfolio invested 24 percent each in A and B and 52 percent in C? (Do not round intermediate calculations and round your answer to 6 decimal places, e.g., .161616.)