Suppose you are the money manager of a $5.15 million investment fund. The fund consists of four stocks with the following investments and betas:
Stock Investment Beta
A $ 500,000 1.50
B 400,000 (0.50)
C 1,500,000 1.25
D 2,750,000 0.75
If the market's required rate of return is 11% and the risk-free rate is 6%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places. %