Problem $13-5$ Calculating Expected Return $[$LO$1]$

Consider the following information:

State of Economy Probability of State of Economy Portfolio Return if State Occurs

Recession $\mathrm{.}20\mathrm{.}10$

Boom $\mathrm{.}80\mathrm{.}20$

Calculate the expected return. $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$