You Have Been Given This Probability Distribution for the Holding-Period

Multiple Choice

You have been given this probability distribution for the holding-period return for a stock: $\begin{array}{lll}\underline{\text { State of the Economy} } &\underline{ \text { Probability} } & \underline{\text { HPR } }\\\text { Boom } & .40 & 22\% \\\text { Normal growth } & .35 & 11\%\\\text { Recession } & .25 & -9 \%\end{array}$

-What is the expected holding-period return for the stock?

A) 11.67%
B) 8.33%
C) 9.56%
D) 12.4%
E) None of the above