You own a portfolio that is 38 percent invested in Stock X, 24 percent in Stock Y, and 38 percent in Stock Z. The expected returns on these three stocks are 12 percent, 18 percent, and 14 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

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