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

1. Risk-free asset earning 9% per year.

2. Risky asset with expected return of 33% per year and standard deviation of 43%.

If you construct a portfolio with a standard deviation of 34%, what is its expected rate of return? (Do not round your intermediate calculations. Round your answer to 1 decimal place.)

Expected return on portfolio

%