Suppose your expectations regarding the stock price are as follows:

State of the Market Probability EndingPrice HPR (includingdividends)

Boom 0.25 $140 54.5%

Normal growth 0.30 110 16.5

Recession 0.45 80 13.0

Use the equations E(r)=sp(s)r(s) and 2=sp(s) [r(s)E(r)]2 to compute the mean and standard deviation of the HPR on stocks. (Do not round intermediate calculations. Round your answers to 2 decimal places.)

Mean ________

Standard Deviation __________