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Malone Imports stock should return 12 percent in a boom, 10 percent in a normal economy, and 2 percent in a recession
Malone Imports stock should return 12 percent in a boom, 10 percent in a normal economy, and 2 percent in a recession. The probabilities of a boom, normal economy, and recession are 5 percent, 85 percent, and 10 percent, respectively. What is the variance of the returns on this stock?
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