Problem 11-3 Portfolio Expected Return

You own a portfolio that is 32 percent invested in Stock X, 22 percent invested in Stock Y, and 46 percent invested in Stock Z. The expected returns on these three stocks are 8 percent, 14 percent, and 10 percent, respectively. What is the expected return on the portfolio? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Portfolio expected return %