The rate of return for a stock is 17% if the state of the economy is recession, 16% if the state of the economy is normal, and 24% if the state of the economy is expansion. The probability for each state of the economy is 35%, 50%, and 15%, respectively. What is the expected return for this stock?

Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as 15.39.