Suppose you are the money manager of a $3.96 million investment fund. The fund consists of 4 stocks with the following investments and betas: Stock Investment Beta A $ 280,000 1.50 B 380,000 - 0.50 C 900,000 1.25 D 2,400,000 0.75 If the market's required rate of return is 12% and the risk-free rate is 6%, what is the fund's required rate of return? Round your answer to two decimal places.