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There is 14 percent probability of recession, 11 percent probability of a poor economy, 47 percent probability of a normal economy, and 28 percent probability

There is 14 percent probability of recession, 11 percent probability of a poor economy, 47 percent probability of a normal economy, and 28 percent probability of a boom. A stock has returns of 19.6 percent, 3.2 percent, 11 percent and 26.7 percent in these states of the economy, respectively. What is the stock's expected return?'

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