Suppose you are the money manager of a $4.04 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock Investment Beta A $ 320,000 1.50

B 300,000 (0.50 ) C 1,020,000 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? Do not round intermediate calculations. Round your answer to two decimal places.