Use the following information on states of the economy and stock returns to calculate the expected return for Dingaling Telephone: (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

State of Economy	Probability of State of Economy		Security Return if State Occurs
Recession	0.35		5.50	%
Normal	0.20		12.00
Boom	0.45		19.00

Expected return

%