An investor currently holds the following portfolio:

Amount Invested

15,000 shares of Stock X $32,000 Beta = 1.3 45,000 shares of Stock Y $96,000 Beta = 1.8 25,000 shares of Stock Z $192,000 Beta = 2.2 If the risk-free rate of return is 3% and the market risk premium is 10%, then the required return on the portfolio is