Formula for differing "Pop Up Menu" selections that generates specified number

I'm looking for some help coming up with a formula to add some automation to my Numbers spreadsheet.

I have created a "Pop up Menu" in cell A1 with three potential selections of 'Cautious', 'Balanced' and 'Growth'.

I would like cell B1 to automatically fill with a specific percentage based on the selection in cell A1. The percentages are:

Cautious = 2.00%

Balanced = 5.00%

Growth = 8.00%

E.g. If Cautious is selected in the pop up menu in cell A1, I would like cell B1 to automatically fill with the percentage 2.00%.

Thank you in advance for any recommendations.