Suppose you are the money manager of a $3.95 million investment fund. The fund consists of four stocks with the following investments and betas:

If the market's required rate of return is 10% 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.

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Stock Investment Beta $ 200,000 1.50 (0.50) 540,000 1,260,000 1,950,000 1.25 0.75