You recently purchased a stock that is expected to earn 22 percent in a booming economy, 11 percent in a normal economy, and lose 4 percent in a recessionary economy. There is a 24 percent probability of a boom, a 67 percent chance of a normal economy, and a 9 percent chance of a recession. What is your expected rate of return on this stock?

6.14 percent

11.00 percent

12.29 percent

9.67 percent

3.45 percent