Suppose you are the money manager of a $3.71 million investment fund.

The fund consists of four stocks with the following investments and betas: Stock Investment Beta A $ 240,000 1.50

B 480,000 (0.50)

C 940,000 1.25

D 2,050,000 0.75

If the market's required rate of return is 12% 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.