Suppose you are the money manager of a $4.83 million investment fund. The fund consists of four stocks with the following investments and betas:
| Stock |
Investment |
Beta |
| A |
$ 500,000 |
1.50 |
| B |
660,000 |
- 0.50 |
| C |
1,420,000 |
1.25 |
| D |
2,250,000 |
0.75 |
If the market's required rate of return is 12% and the risk-free rate is 3%, what is the fund's required rate of return?
Do not round intermediate calculations. Round your answer to two decimal places.