Suppose you are the money manager of a $4.12 million investment fund. The fund consists of four stocks with the following investments and betas:

Stock	Investment		Beta
A	$ 360,000		1.50
B	300,000		(0.50	)
C	1,260,000		1.25
D	2,200,000		0.75

If the market's required rate of return is 13% 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.

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