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

Required:

a$.$ Risk$-$free asset earning $10\%$ per year.

b$.$ Risky asset with expected return of $29\%$ per year and standard deviation of $39\%.$

If you construct a portfolio with a standard deviation of $28\%,$ 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

$\%$