Consider the following information: Rate of Return if State Occurs State of Probability of State Economy of Economy Stock A Stock B Stock C Boom .71 .09 .03 .29 Bust .29 .18 .24 –.09 Required: (a) What is the expected return on an equally weighted portfolio of these three stocks? (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (e.g., 32.16).) Expected return % (b) What is the variance of a portfolio invested 26 percent each in A and B and 48 percent in C? (Do not round intermediate calculations. Round your answer to 5 decimal places (e.g., 32.16161).) Variance of a portfolio