PORTFOLIO REQUIRED RETURN Suppose you are the money manager of a $4.05 million investment fund. The fund consists of four stocks with the following investments and betas: Stock Investment Beta A $ 220,000 1.50 B 620,000 (0.50) C 1,260,000 1.25 D 1,950,000 0.75 If the market's required rate of return is 8% and the risk-free rate is 4%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places. %