There is a 24.72% probability of an average economy and a 75.28% probability of an above average economy. You invest 45.48% of your money in Stock S and 54.52% of your money in Stock T. In an average economy the expected returns for Stock S and Stock T are 11.11% and 7.12% , respectively. In an above average economy the the expected returns for Stock S and T are 39.93% and 12.63% , respectively. What is the expected return for this two stock portfolio? (2.0 points) Please write your answer as percentage (e.g. .1234 should be written as 12.34):

• Expected Return: %