Tom is your client. He has 63% of his portfolio invested in the market and the rest is invested in T-bills (risk-free). T-bills offer a rate of 1.3%, while the expected return on the market is 9.6% and the volatility of the market is 16.9%. What is the expected return of Toms portfolio?

{Give your answer as a percentage with 2 decimals, e.g., if the result of your calculations is 0.0345224 (or 3.45224%) , enter 3.45 as your answer.}