States		Probability		Asset M Return		Asset N Return		Asset O Return
Boom		28%		14%		25%		6%
Normal		54%		12%		16%		12%
Recession		18%		6%		5%		14%

a.What is the expected return of investing equally in all three assets M, N, and O?

Hint:

Find the standard deviations of asset M and of the portfolio equally invested in assets M, N, and O.