Use the following information to answer the questions.

State of Economy	Probability of State	Return on Asset J in State	Return on Asset K in State	Return on Asset L in State
Boom	0.25	0.065	0.240	0.260
Growth	0.36	0.065	0.120	0.180
Stagnant	0.24	0.065	0.030	0.090
Recession	0.15	0.065	-0.110	-0.200

a. What is the expected return of each asset?

b. What is the variance and the standard deviation of each asset?

c. what is the expected return of a portfolio with 9% in asset J, 51% in asset K, and 40% in asset L?

d. What is the portfolio's variance and standard deviation using the same asset weights from part (c)?