Question: 2 . 3 7 Portfolio return: A portfol o ' s value increases by 1 9 % during a financial boom and by b %

2.37 Portfolio return: A portfolo's value increases by 19% during a financial boom and by b% during normal
times. It decreases by 12% during a recession. What is the expected return on this portfolio if each scenario
is equally likely?
 2.37 Portfolio return: A portfolo's value increases by 19% during a

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