Suppose you are the money manager of a $4.18 million investment fund. The fund consists of four stocks with the following investments and betas: Stock Investment Beta

A $ 420,000 1.50 B 400,000 (0.50) C 1,460,000 1.25 D 1,900,000 0.75

If the market's required rate of return is 9% and the risk-free rate is 7%, what is the fund's required rate of return? Do not round intermediate calculations. Round your answer to two decimal places.