Suppose you are the money manager of a $3.64 million investment fund. The fund consists of four stocks with the following investments and betas: Stock Investment Beta A $ 220,000 1.50 800,000 (0.50) 920,000 1.25 1,700,000 0.75 If the market's required rate of return is 9% 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