You use a couple of securities using different weights to create some portfolios. Which one of the followings cannot be a Markowitz efficient portfolio? Portfolio Expected return Expected risk in standard deviation A 6% 9% B 11% 14% 7% 8% D 9% 12% D OB An investor decides to form a portfolio by putting 40% of wealth in stock A and the rest in B. Below it shows the possible states of economy and the expected rate of return for each stock under each state. Given the information, what is the expected return on stock A? Stock A Stock B State of Economy Probability of State Rate of Return Rate of Return Boom 20% 11% 22% Normal 50% 7% 11% Recession 30% -6% - 18% O 3.90% 6.79% 4.50% 5.83%