State of Economy	Probability of State	Return on Asset J in State	Return on Asset K in State	Return on Asset L in State
Boom	0.24	0.06	0.22	0.27
Growth	0.37	0.06	0.1	0.2
Stagnant	0.21	0.06	0.05	0.09
Recession	0.18	0.06	-0.06	-0.18
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 88% in asset J, 54% in asset K and 38% in asset L?
d.What is the portfolio's variance and standard deviation using the same asset weights from part C?