You own a portfolio that is 34 percent invested in Stock X, 24 percent in Stock Y, and 42 percent in Stock Z. The expected returns on these three stocks are 7 percent, 20 percent, and 16 percent, respectively. What is the expected return on the portfolio? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e. g., 32.16.)
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