Three economic scenarios have the following probabilities of occurence; normal growth=50%, high growth=15% and low growth=35%. A bond fund's deviation from mean return are 5%, 20%, -5%, respectively. A stock fund's deviation from the mean return are 10%, 40%, -10%, respectively. What is the Covariance of the two funds?

a. 9%

b. 185%

c. 39%

d. 98%

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