You own a portfolio that is 38 percent invested in Stock X, 22 percent in Stock Y, and 40 percent in Stock Z. The expected returns on these three stocks are 10 percent, 15 percent, and 12 percent, respectively. What is the expected return on the portfolio? (Round your answer to 2 decimal places. (e.g., 32.16))
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The solution gives detailed steps on solving portfolio's expected return. All formula and calculations are shown and explained.