Suppose you are the money manager of a $4.6 million investment fund. The fund consists of 4 stocks with the following investments and betas:
Stock Investment Beta
A $ 440,000 1.50
B 720,000 - 0.50
C 940,000 1.25
D 2,500,000 0.75
If the market's required rate of return is 12% and the risk-free rate is 5%, what is the fund's required rate of return? Round your answer to two decimal places.