Dr. Francesco Totti's portfolio consists of $100,000 invested in a stock which has a beta = 0.8, $150,000 invested in a stock which has a beta = 1.2, and $50,000 invested in a stock which has a beta = 1.8. The risk-free rate is 7 percent. Last year nothing changed except for the fact that the market risk premium has increased in the amount of 2 percent (two percentage points, for instance, from 9% to 11%) on top of last year's market risk premium. What is the portfolio's current required rate of return?