Suppose you manage a $4.745 million fund that consists of four stocks with the following investments: Stock Investment Beta A $360,000 1.50 B $525,000 -0.50 C $1,260,000 1.25 D $2,600,000 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.