Suppose you are the money manager of a $3.81 million investment fund. The fund consists of 4 stocks with the following investments and betas:
Stock, Investment, Beta
Stock A, investment 280,000, beta 1.50
Stock B, investment 360,000, beta - 0.50
Stock C, investment 1,420,000, beta 1.25
Stock D, investment 1,750,000, beta 0.75
If the market's required rate of return is 11% and the risk-free rate is 7%, what is the fund's required rate of return? Round your answer to two decimal places.