Answer is already provide show steps to how we got to the answr! Find the expected return and standard deviation of the following portfolio:

$60\mathrm{.}00\%$ in Galaxy Air stock and $40\mathrm{.}00\%$ in Jen and Barry's Confectionary There are two possible states of the economy. The probability that the best state will occur is $75\mathrm{.}00\%$ and that the worst state will occur is $25\mathrm{.}00\%.$ The return on Galaxy Air stock is $16\mathrm{.}00\%$ in the best state and $5\mathrm{.}00\%$ in the worst state. The return on Jen and Barry's is $20\mathrm{.}00\%$ in the best state and $-2\mathrm{.}00\%$ in the worst state. $($Hint: Calculate the portfolio return in each state $[$a weighted average of the returns for each state; see below$]$ and then treat the portfolio returns like you would treat the returns of an individual stock $-$ calculate the mean, variance, and standard deviation using the portfolio returns and associated probabilities.$)$