You are going to make a portfolio consisting of 50 % of Lloyds of London Stock and 50 % of Tencent Stock. You also have the following information: Probability of State LofL State 1 Tencent Return Return Boom 20% 32 % 22% Bust 80 % 7% 52% What is the expected return for the portfolio? (Answer as a percentage and Round to 2 decimals)