Suppose that you have $$1$ million and the following two opportunities from which to construct a portfolio:

Required:

Risk$-$free asset earning $11\%$ per year.

Risky asset with expected return of $31\%$ per year and standard deviation of $41\%.$

If you construct a portfolio with a standard deviation of $32\%,$ what is its expected rate of return?

Note: Do not round your intermediate calculations. Round your answer to $1$ decimal place.

Expected return on portfolio: $??$