You own a portfolio that is 3 percent invested in Stock W, 31 percent invested in Stock X, 23 percent in Stock Y, and the rest invested in Stock Z. The expected returns on these three stocks are 3 percent, 14.49 percent, 16.61 percent, and 7.77 percent, respectively. What is the expected return on the portfolio? (Do not round any intermediate calculations. List your answer as a percent, round your final answer to 2 ) decimal places and enter it in the box below.)