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Use the following scenario analysis for stocks X and Y Bear Market Normal Market Bull Market Probability 0 . 2 0 . 5 0 .

Use the following scenario analysis for stocks X and Y
Bear Market Normal Market Bull Market
Probability 0.20.50.3
Stock X-20%18%50%
Stock Y-15%20%10%
What are the variance of returns on stocks X and Y?

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