Suppose you are the money manager of a $3.88 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock	Investment	Beta
A	$ 260,000	1.50
B	320,000	(0.50)
C	1,300,000	1.25
D	2,000,000	0.75

If the market's required rate of return is 13% and the risk-free rate is 3%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.