Suppose the risk-free rate is 5 percent and the market portfolio has an expected return of 11.7 percent. The market portfolio has a variance of .0462. Portfolio Z has a correlation coefficient with the market of .36 and a variance of .3365

According to the capital asset pricing model, what is the expected return on Portfolio Z? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

Expected return ______%