Suppose the risk-free rate is 4.3 percent and the market portfolio has an expected return of 12.8 percent. The market portfolio has a variance of 0.0471. Portfolio Z has a correlation coefficient with the market of 0.38 and a variance of 0.1839.

According to the CAPM, what is the expected return on portfolio Z? (Round your answer to 2 decimal places. Do not round your intermediate calculations.)

Expected return %