You have been given this probability distribution for the holding-period return for GM stock:

Stock of the Economy	Probability			HPR
Boom		0.40			30	%
Normal growth		0.40			11	%
Recession		0.20			10	%

What is the expected variance for GM stock?

Select one:

a. 200.00%

b. 221.04%

c. 246.37%

d. 14.87%

e. 16.13%