The Jacquier Company has three divisions. Each of them is approximately the same size. The finance staff estimates that the rates of return in the different states of nature are:

STATE Probability Yield Yield div1 Yield div2 Yield Rdiv3 market Excellent 0.25 0.35 0.40 0.60 0.20 Good 0.25 0.20 0.36 0.30 0.12 Average 0.25 0.13 0.24 0.16 0.08 Bad 0.25 -0.08 0.00 -0.26 -0.02