Define the following random variables:
- X = annual rate of return on the Fidelity Select Biotechnology Fund
- Y = annual rate of return on the Fidelity National Information Services Fund
- Z = annual rate of return on the Fidelity Select Defense and Aerospace Fund
Suppose that the population mean returns for each random variable are the following:
- μ x = 10.8%
- μ y = 16.3%
- μ z = 14.1%
What is the (population) mean annual return for a portfolio consisting of 50% Biotechnology Fund, 30% Information Services Fund, and 20% Defense and Aerospace Fund?
Enter your answer as percent annual return, rounded to 2 decimal places of accuracy. Do not type the % symbol.