Suppose you are the money manager of a $4.02 million investment fund. The fund consists of four stocks with the following investments and betas.

Stock	Investment	Beta
a	$ 360,000	1.50
b	$ 800,000	(0.50)
c	$ 960,000	1.25
d	$ 1,900,000	0.75

If the market's required rate of return is 11% and the risk-free rate is 6%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places. _________ %