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 holding-period return for GM stock?

Select one:

a. 10.4%

b. 11.4%

c. 12.4%

d. 13.4%

e. 14.4%