You own a portfolio that is 35 percent invested in Stock X, 20 percent invested in Stock Y, and 45 percent invested in Stock Z. The expected returns on these three stocks are 8 percent, 16 percent, and 12 percent, respectively. What is the expected return on the portfolio? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Portfolio expected return %