You are going to invest $20,000 in a portfolio consisting of assets X, Y, and Z, as follows:

Asset	Annual Return	Probability	Beta	Proportion
X	10%	0.50	1.2	0.333
Y	8%	0.25	1.6	0.333
Z	16%	0.25	2.0	0.333

Given the information in Table 5.2, what is the expected annual return of this portfolio?