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Suppose you are the money manager of a $5.16 million investment fund. The fund consists of four stocks with the following investments and betas: Stock Investment Beta $ 340,000 320,000 1.50 (0.50) 1.25 1,500,000 3,000,000 0.75 If the market's required rate of return is 13% and the risk-free rate is 7%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places. %