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Expected Return Expected Return Expected Return Probability 0.25 Best state Good state Normal state Poor state beta 40% 30% 2

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PC PAB C 3.75 6.25 10 25 3 12 20 7.5 30 IS RRS 3.15 2.5 S 10 10 A S B 175 lo.5 fl8-le PlA-R P S.0625 5625 14.0635 1:3GAS S6a5

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