You have been given this probability distribution for the holding-period return for a stock: State of the Economy Probability HPR Boom 40% 22% Normal Growth 35% 11% Recession 25% -9% What is the expected holding-period return for the stock?

A. 11.67%

B. 8.33%

C. 9.56%

D. 12.4%

E. None of the options