You have the following data:

• expected annual return on a common stock fund: 11.8%
• expected annual return on a bond fund: 6.8%
• proportion of the portfolio invested in the stock fund: 0.8

Calculate the expected return on the portfolio containing this mix of the stock and bond funds.

Express your answer in percent to two decimal places. Do not type the percent sign. For example, if you calculate 8.75%, then type 8.75