Suppose you are the money manager of a $3.92 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock Investment Beta

A $ 260,000 1.50

B 300,000 (0.50 )

C 1,060,000 1.25

D 2,300,000 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. %