Suppose your expectations regarding the stock market are as follows: State of Economy Probability HPR

Boom 0.2 37%

Normal growth 0.6 22%

Recession 0.2 -20%

S

E(r)=∑p(s)r(s)E(r)=∑s=1Sp(s)r(s)

s=1

S

Var(r)=σ^2=∑p(s)r(s)−E(r)]2Var(r)=σ 2=∑s=1Sp(s)r(s)−E(r)]2

s=1

SD(r)=σ^2=√Var(r)

Required:

Use the above equations to compute the mean and standard deviation of the HPR on stocks. (Do not round intermediate calculations. Round your answers to 2 decimal places.)

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