You own a portfolio with the following expected returns given the various states of the economy. What is the overall portfolio expected return?

State of Economy	Probability of State of Economy	Rate of Return if State Occurs
Boom	27%	17%
Normal	70	8
Recession	3	-11

		6.49 percent
		8.64 percent
		8.87 percent
		9.86 percent
		10.23 percent