Suppose the risk-free rate is 3.7 percent and the market portfolio has an expected return of 10.4 percent. The market portfolio has a variance of.0332. Portfolio Z has a correlation coefficient with the market of.23 and a variance of 3235.
According to the capital asset pricing model, what is the expected return on Portfolio Z? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g. 32.16.)