Portfolio required return

Suppose you are the money manager of a $3.82 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock	Investment	Beta
A	$ 320,000	1.50
B	460,000	- 0.50
C	1,140,000	1.25
D	1,900,000	0.75

If the market's required rate of return is 12% and the risk-free rate is 5%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.