Question: A project's expected return is 21%, which represents a 32% return in a boom, a 12% return in a normal, and a 5% return in

A project's expected return is 21%, which represents a 32% return in a boom, a 12% return in a normal, and a 5% return in a stagnant economy. What is the probability of a boom if these are the only three economic states and the probability of a stagnant economy is 21%?

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