Suppose Autodesk stock has a beta of 2.17, whereas Costco stock has a beta of 0.76. If therisk-free interest rate is 3% and the expected return of the market portfolio is 13.5%, what is the expected return of a portfolio that consists of 60% Autodesk stock and 40% Costcostock, according to theCAPM?

The expected return is

%. (Round to two decimalplaces.)